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Gulf Keystone Petroleum (GKP) this morning announced its results for the year ended 31 December 2014.
4/9/15
2014 gross production of 6,484,391 barrels of oil (2013: 496,921 barrels of oil) with significant growth expected in 2015
Gulf Keystone’s operations in the Kurdistan Region remained secure with production operations and crude oil export deliveries from the Shaikan field uninterrupted throughout 2014
The first production milestone of 40,000 barrels of oil per day (“bopd”) reached in December 2014 following a gradual ramp-up during the year
Current production in excess of 37,000 bopd is being delivered against the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February 2015, with further payments of a similar nature anticipated
Financial – as at 31 December 2014
Revenues of US$38.6 million achieved (FY13: US$6.7 million); additional revenue in the region of US$100 million owed but not yet recognised for crude oil export sales
Loss after tax of US$248.2 million (FY13: US$32.0 million)
Net proceeds of US$240 million raised from the issue of debt securities and associated warrants in April 2014
Financial – post period end
US$26 million gross (US$20.8 million net) received as pre-payment for Shaikan crude oil sales in February 2015
Successful placing of 85.9 million shares on 31 March 2015, raising gross proceeds for the Company of US$40 million
Discussions ongoing with a number of parties in relation to possible asset transactions or corporate sale
Book Equity Ratio Put Option successfully removed from the Trust Deed and Conditions of the US$250 million 13.0 per cent Guaranteed Notes due 2017 at the noteholder meeting on 7 April 2015
Cash balance at 8 April 2015 of US$84.7 million (31 Dec 2014: US$87.8 million) excluding recent share placing proceeds
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4/9/15
2014 gross production of 6,484,391 barrels of oil (2013: 496,921 barrels of oil) with significant growth expected in 2015
Gulf Keystone’s operations in the Kurdistan Region remained secure with production operations and crude oil export deliveries from the Shaikan field uninterrupted throughout 2014
The first production milestone of 40,000 barrels of oil per day (“bopd”) reached in December 2014 following a gradual ramp-up during the year
Current production in excess of 37,000 bopd is being delivered against the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February 2015, with further payments of a similar nature anticipated
Financial – as at 31 December 2014
Revenues of US$38.6 million achieved (FY13: US$6.7 million); additional revenue in the region of US$100 million owed but not yet recognised for crude oil export sales
Loss after tax of US$248.2 million (FY13: US$32.0 million)
Net proceeds of US$240 million raised from the issue of debt securities and associated warrants in April 2014
Financial – post period end
US$26 million gross (US$20.8 million net) received as pre-payment for Shaikan crude oil sales in February 2015
Successful placing of 85.9 million shares on 31 March 2015, raising gross proceeds for the Company of US$40 million
Discussions ongoing with a number of parties in relation to possible asset transactions or corporate sale
Book Equity Ratio Put Option successfully removed from the Trust Deed and Conditions of the US$250 million 13.0 per cent Guaranteed Notes due 2017 at the noteholder meeting on 7 April 2015
Cash balance at 8 April 2015 of US$84.7 million (31 Dec 2014: US$87.8 million) excluding recent share placing proceeds
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