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Hedge fund reduces Gulf Keystone stake; co receives latest payment from Kurdistan authorities

GLG Partners, which is owned by UK-listed Man Group PLC (LON:EMG) and has US$3.3bn under management, has dropped its stake to 4.84% from 5.74%
Hedge fund reduces Gulf Keystone stake; co receives latest payment from Kurdistan authorities
The cash pumps are turned on at the moment

Gulf Keystone Petroleum (LON:GKP) said it had received another payment from the regional government in Kurdistan as it emerged that an influential hedge fund had reduced its position in the Iraq-focused oiler.

GLG Partners, which is owned by UK-listed Man Group PLC (LON:EMG) and has US$3.3bn under management, has dropped its stake to 4.84% from 5.74%.

In a separate stock market announcement, GKP said it had received US$12mln net from the regional government for oil exports from the Shaikan field in Kurdistan, of which is operator and majority owner.

Regular payments

It is the latest instalment in what effectively has become a monthly programme.

The company currently produces around 40,000 barrels of crude a day and has the option to grow its main operation, Shaikan, to 55,000 barrels a day.

In the medium-term GKP’s plan is to increase output 110,000 barrels a day.

Back from the abyss 

Once one of the oil industry’s great success stories as its valuation soared after it first found oil in northern Iraq and then brought it into production, Gulf Keystone’s fall from grace was as rapid as its ascent.

Laden with debt it was forced as a result of low oil prices and a sector-wide lack of capital to undergo a painful refinancing that gave debt-holders control of the company.

The last financial update – in April – revealed the company had sprung back from the abyss. Revenues were double the year earlier and GKP even managed to post an underlying profit.

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