Gulf Keystone Petroleum (GKP) these days announced its results for the 1/2 yr ended 30 June 2025. stocks have been buying and selling up greater than four percent at lunchtime.
Jon Harris (pictured), Gulf Keystone’s leader executive Officer, said:
“We brought sturdy operational and economic performance inside the first 1/2 of 2025, with cloth loose coins waft generated from extended production and realised charges, capital discipline and price manage. Following the temporary close-in of the Shaikan discipline in July associated with safety issues, production restarted earlier this month after consultation with the Kurdistan nearby government and has regularly ramped returned up closer to complete nicely potential. Given the go back to solid income and our strong cash stability, we are pleased to announce these days the declaration of a $25 million period in-between dividend, increasing general dividends declared in 2025 to $50 million.
“searching in advance, we’ve tightened 2025 gross common production steering to 40,000 – forty two,000 bopd basically reflecting the manufacturing losses from latest brief disruptions. we’re excited to have sanctioned the set up of water coping with facilities at PF-2 which we anticipate, once operational, to unlock incremental production above the expected discipline baseline and reduce disadvantage danger to reservoir healing. We hold to have interaction with authorities stakeholders regarding the restart of Kurdistan crude exports, with increasing momentum closer to a solution in current weeks.”
Highlights to 30 June 2025 and put up reporting period
Operational
zero lost Time Incidents for over 950 days with rigorous cognizance on protection maintained
Gross average manufacturing extended 12% to 44,one hundred bopd in H1 2025 (H1 2024: 39,252 bopd), reflecting always strong nearby marketplace demand and excellent reservoir overall performance
Gross average production of c.forty,600 bopd in 2025 yr up to now (as at 26 August 2025):
in general reflects precautionary field close-in in July following drone attacks on positive different oil fields in Kurdistan
manufacturing has gradually back in the direction of full nicely capability after operations were restarted in August following a safety evaluation and consultation with the Kurdistan local authorities (“KRG”)
Realised charges have averaged round $27-$28/bbl inside the post reporting duration
persevered execution of disciplined paintings programme centered on effectively keeping present production ability and reliability
funding decision taken on installation of water managing centers at PF-2:
Commissioning predicted at the start of 2027
once operational, the centers are predicted to release an predicted four,000 – 8,000 bopd of incremental gross production above the expected field baseline at the same time as lowering reservoir risk
To minimise upfront capital expenditure and provide flexibility, the facilities may be leased over multiple years following commissioning, with confined incremental net capex expected in 2025
monetary
loose cash glide technology of $24.6 million in H1 2025 (H1 2024: $26.6 million), enabled by extended production and realised charges, capital discipline and value manipulate
Adjusted EBITDA elevated thirteen% to $41.1 million (H1 2024: $36.four million) as higher production, stronger costs and lower other G&A prices offset the growth in operating costs and proportion option price:
revenue multiplied 17% to $eighty three.1 million (H1 2024: $71.2m) as strong production was reinforced via a 6% growth in the common realised price all through the period to $27.eight/bbl (H1 2024: $26.3/bbl)
Gross operating charges in step with barrel of $4.2/bbl were flat (H1 2024: $four.2/bbl), with the lower from the 2024 common of $4.four/bbl in general reflecting higher production
net capital expenditure of $18.1 million (H1 2024: $7.eight million) reflecting the corporation’s centered work programme of protection vital upgrades at PF-2 and manufacturing optimisation expenditures:
consists of a non-cash rate of $five.4 million associated with the capitalisation of drilling inventory formerly classified as held for sale
intervening time dividend of $25 million paid in H1 2025 (H1 2024 shareholder distributions: $21 million)
coins stability of $ninety nine.0 million as at 30 June 2025 (31 December 2024: $102.three million), with out a wonderful debt; brand new balance as at 27 August 2025 of $105.7 million
Outlook
2025 gross average manufacturing anticipated to be among forty,000 – 42,000 bopd (preceding guidance: forty,000 – 45,000 bopd), reflecting manufacturing losses from the latest transient disruptions:
steerage remains concern to neighborhood sales call for and a stable security environment
2025 internet capital expenditure predicted to be $30-$35 million (previous guidance: $25-$30 million):
Unchanged expectation of c.$20 million net capex on PF-2 safety improvements and maintenance and $five-$10 million on production optimisation projects
increase in steering frequently reflects the incremental internet capex related to the water handling mission
Unchanged steering for operating expenses of $50-$55 million and other G&A prices under $10 million
The business enterprise is pleased to claim a $25 million intervening time dividend, equivalent to eleven.fifty two US cents in line with common share based totally at the agency’s overall issued share capital as at 27 August 2025:
The dividend can be paid on 30 September 2025, based totally on a file date of 12 September 2025 and ex-dividend date of eleven September 2025
Shareholders can have the option of being paid the dividend in either GBP or USD, with the default forex GBP
The enterprise keeps to interact with authorities stakeholders concerning a strategy to permit the restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline:
The company stays prepared to renew oil exports supplied first-class agreements are reached on fee surety for future oil exports, reimbursement of great receivables and renovation of cutting-edge contract economics
 these days announced its results for the 1/2 yr ended 30 June 2025. stocks have been buying and...){kind=link}