Gulf Keystone appoints Jaap Huijskes as non-executive director
“[Huijskes] has an impressive industry track record in the oil and gas sector, including relevant experience in the Kurdistan region of Iraq"
Company
LON:GKP
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq.
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“[Huijskes] has an impressive industry track record in the oil and gas sector, including relevant experience in the Kurdistan region of Iraq"
Political uncertainty has been the main topic of discussion for investors lately, nonetheless Friday's announcements show that cash continues to flow for the region's oil producers.
"Oil politics are creating tremendous pressures for peace in a region where otherwise the geopolitical context has all the seeds of war," said WH Ireland
Funding deals, acquisitions and planning permissions provided the week's oil and gas highlights.
Production at the Shaikan field had averaged 34,525 barrels of oil per day since the beginning of October
Political insecurity has been a key risk for investors in Kurdistan based oil stocks for quite some time, and the recent escalations have further dented share prices.
WH Ireland analyst Brendan Long said: “the first payment to GKP following the KRG independence vote is noteworthy."
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Hurricane Energy, Gulf Keystone and Highlands Natural Resources were among the week's oil and gas sector.
Iraq's Kurdish population voted 93% in favour of independence, a result that's not been welcomed in Baghdad.
“Watch this closely for macro implications on crude oil prices and at the micro level for oil & gas companies operating in the country such as DNO, Genel, Gulf Keystone, ShaMaran, and Oryx”
New funds were previously raised to maintain the field’s output at 40,000 bopd, though in the first six months production averaged 36,664 bopd.
The FTSE 100 remained in positive territory while the Dow set another new high.
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Day ahead includes a third quarter trading update from Ocado, plus interim results from Iraq-focused explorer Gulf Keystone, and the start of the latest two-day Federal Reserve policy meeting
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Week ahead includes Federal Reserve interest rate announcement, UK retail sales data, second quarter results from Kingfisher PLC, and trading update from Ocado PLC
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A look at the world of small cap oil and gas news this week
"We continue to be strongly encouraged by the stable performance of the Shaikan Field during 2017."
In London’s early deals, Gulf Keystone shares were up 1.12p, or 1.13%, changing hands at 100.5p.
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%
The Norway-headquartered oiler that missed on GKP last year has diversified with the acquisition of offshore assets in the North Sea.