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Pin to quick picksGulf Keystone Petroleum Share News (GKP)

Share Price Information for Gulf Keystone Petroleum (GKP)

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Share Price: 147.10
Bid: 148.30
Ask: 148.70
Change: -2.50 (-1.67%)
Spread: 0.40 (0.27%)
Open: 153.00
High: 153.00
Low: 147.10
Prev. Close: 149.60
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Gulf Keystone says finance deal unlikely in near term

Thu, 17th Mar 2016 12:45

(ShareCast News) - Gulf Keystone Petroleum was under pressure after it said the current low oil price environment and the political situation Iraq cast significant doubt on the group's ability to continue as a going concern, although it posted a narrower loss for 2015.The oil producer, which focuses on the Kurdistan region of Iraq, reported a pre-tax loss of $135m (£93.7m) compared with a $248.2m loss in 2014 as revenue rose to $86.2m from $38.6m.Impairments fell significantly, to $3.6m from $144.1m the previous year, while administrative expenses edged down to $31m from $39m.Gulf Keystone said gross production rose 71% from 2014 to 11.1m barrels of oil, with an average of 30,500 barrels of oil per day.The main cause for concern, however, was Gulf's warning that a financing deal did not look likely anytime soon, mainly due to weaker oil prices.In February, Gulf announced a strategic review of its financing options, which included discussions with a number of interested parties in relation to possible asset transactions or a corporate sale."Over the course of 2015 and to date, interest has been expressed by various parties. While there are ongoing discussions with them, we believe given the current sector dynamics (low and volatile oil prices and geo-political issues in the region), a transaction is unlikely in the near term," it said on Thursday.The group faces material uncertainties relating to its ability to meet the significant coupon payments in April and October 2016, as well as the debt repayment of $250m in April 2017 and $325m in October 2017.Still, chief executive officer Jon Ferrier expressed confidence in the business. "Against a well-publicised challenging backdrop, both across the industry and in the region, the team is actively managing all aspects of the business over which we can assert control," he said. "In the interest of all stakeholders, strenuous efforts are currently underway to strengthen the balance sheet, not only to ensure our ability to remain as a going concern, but also to be able to provide new capital to increase production and as a solid foundation for the longer-term future of the company. I look forward to delivering a stronger business in 2016 with stable production, commercial discipline, value realisation and growth."At 1300 GMT, Gulf Keystone shares were down 13% to 10.43p.
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18 Jul 2022 07:00

IN BRIEF: Gulf Keystone receives April payment from Kurdish government

Gulf Keystone Petroleum Ltd - Bermuda-based oil & gas exploration company - Confirms USD48.7 million, USD38.1 million net to Gulf Keystone, has been received from Kurdistan regional government for Shaikan crude oil sales during April 2022.

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24 Jun 2022 09:42

Gulf Keystone to redeem USD100 million bond; narrows 2022 guidance

(Alliance News) - Gulf Keystone Petroleum Ltd on Friday said it intends to pay off its USD100 million outstanding bond a year early and aso said it is narrowing its guidance for 2022's oil production.

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22 Jun 2022 09:35

IN BRIEF: Gulf Keystone receives March payment from Kurdish government

Gulf Keystone Petroleum Ltd - Bermuda-based oil and gas exploration company - Confirms receipt of gross payment from the Kurdistan Regional Government of USD62.0 million, USD48.5 million net to GKP, for Shaikan crude oil sales during March 2022.

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17 Jun 2022 13:34

Iraq's Kurdistan works to establish two oil firms as Erbil-Baghdad tensions rise

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25 May 2022 11:13

Gulf Keystone shares rise after it ups payout by USD50 million

(Alliance News) - Gulf Keystone Petroleum Ltd on Wednesday said it has declared a special dividend of USD50 million, following strong cash flow.

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25 May 2022 10:47

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30 Mar 2022 09:53

Gulf Keystone Petroleum swings to annual profit as oil prices recover

(Alliance News) - Gulf Keystone Petroleum Ltd on Wednesday said it swung to profit in 2021, profiting from an increase in production and a recovery in oil prices.

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23 Mar 2022 16:02

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4 Mar 2022 09:41

IN BRIEF: Gulf Keystone receives USD38 million for Iraqi oil sales

Gulf Keystone Petroleum Ltd - Bermuda-based oil and gas exploration company operating in Iraq - Receives net payment of USD38.4 million from the Kurdistan Regional government for Shaikan crude oil sales during November, in addition to USD6.7 million in arrears from the outstanding invoices for January and February 2020.

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1 Feb 2022 09:37

LONDON BROKER RATINGS: Imperials Brands raised; HSBC likes Fevertree

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24 Jan 2022 10:05

Gulf Keystone delays upping production due to productivity issues

Gulf Keystone delays upping production due to productivity issues

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