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Gulf Keystone Petroleum accelerates investment programme

Industry

Gulf Keystone, one of the leading independent operators and producers in the Kurdistan Region of Iraq, has announced the resumption of the companys growth plans to ramp-up gross production towards 55,000 bopd 

Jon Harris, CEO of Gulf Keystone, said, “Workstreams have already begun, and we are targeting to restart the drilling of SH-13 in Q3 2021, subject to managing the continuing impact of COVID-19 on the movement of people, services and equipment.”

With support from its partner Kalegran BV (a subsidiary of MOL Hungarian Oil & Gas plc), Gulf Keystone has restarted 55,000 bopd expansion activity.  

Considering the requirement to manage the ongoing impact of COVID-19 and to remobilise people, services and equipment, the company currently expects drilling operations to begin in the Q3 2021.  Remaining expansion activity includes completion of SH-13, which was suspended last year, drilling SH-I, the final well in the programme from the same pad, and installing electric submersible pumps in two existing wells.

Guidance for 2021 average gross production remains unchanged at 40,000 to 44,000 bopd, with the increase in gross production towards 55,000 bopd expected to occur in the Q1 2022.  The remaining Capex required to deliver the 55,000 bopd programme is estimated to be US$40-45mn net, resulting in total 2021 Capex of US$55-65mn net.

This announcement contains inside information for the purposes of the UK Market Abuse Regime.

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