Shaikan Payment Update (1578129)

Gulf Keystone Petroleum Ltd (GKP) Shaikan Payment Update 09-March-2023 / 07:00 GMT/BST

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9 March 2023

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Shaikan Payment Update

Gulf Keystone confirms that a gross payment of USD34.3 million (USD26.9 million net to GKP) has been received from the Kurdistan Regional Government ("KRG") for Shaikan crude oil sales during September 2022.

The payment reflects a new pricing mechanism proposed by the Ministry of Natural Resources ("MNR") for Shaikan crude oil sales, effective 1 September 2022. Under this mechanism, the realised price for September reflects the average price for the Kurdistan Blend ("KBT") sold by the KRG at Ceyhan in Turkey, adjusted for a quality discount and transportation costs for use of export pipelines.

For Shaikan crude oil sales in September 2022, the new pricing mechanism results in an approximately USD11/bbl reduction in the realised price versus the previous pricing mechanism leading to a discount to Dated Brent of approximately USD34/bbl. The impact on net payment is USD5.3 million.

The following table summarises pricing information for KBT published by the KRG for the months from September 2022 to January 2023, including the impact on Shaikan realised prices versus the previous pricing mechanism:

(USD/bbl)                           Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 
Dated Brent                       90     93     92     81     83 
KBT                               72     75     72     63     67 
Impact on Shaikan realised price  (11)   (12)   (13)   (12)   (10)

If the new pricing mechanism had been in place throughout 2022, the reduction in monthly Shaikan realised prices would have ranged from USD4/bbl to USD13/bbl versus the previous pricing mechanism, assuming KBT crude specs during Q3 2022 were representative of those during H1 2022. Given fluctuations between Dated Brent and KBT, and the widening differential in 2022 driven in part by competition with heavily discounted Russian crude, the future KBT discount to Dated Brent, and associated impact on Shaikan realised prices, is uncertain.

The Company continues to engage with the MNR regarding the proposed pricing mechanism and amendment to the Shaikan Lifting Agreement.

Enquiries:

Gulf Keystone:                           +44 (0) 20 7514 1400 
Aaron Clark, Head of Investor Relations  aclark@gulfkeystone.com 
 
FTI Consulting                           +44 (0) 20 3727 1000 
Ben Brewerton 
                                         GKP@fticonsulting.com 
Nick Hennis

or visit: www.gulfkeystone.com

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com

Disclaimer

This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.

----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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ISIN:          BMG4209G2077 
Category Code: MSCM 
TIDM:          GKP 
LEI Code:      213800QTAQOSSTNTPO15 
Sequence No.:  228497 
EQS News ID:   1578129 
 
End of Announcement  EQS News Service 
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March 09, 2023 02:00 ET (07:00 GMT)

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