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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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A glance at some of the stories on the Proactive newswire today
After 12 months during which it sealed a transformational but painful debt restructuring, the company was able to demonstrate progress both financially and operationally.
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A glance at some of the stories on the Proactive newswire today
Having reset its finances, with a dilutive debt-for-equity swap, the company is now funded for the next programme of work.
The index of blue-chip shares succumbed to selling pressure
Last year was extremely dilutive for GKP shareholders, they'll be hoping that 2017 will be better.
Investments and investor services
Since the manufacturing index reached a two-and-a-half-year high last December, the story has been one of a gentle decline - Martin Beck, senior economic advisor to the EY ITEM Club
“Effectively under new management and after last year’s refinancing with a balance sheet that actually has net cash GKP is in a stronger position"
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With a 270p price target Cantor sees some 120% upside to Gulf Keystone’s current price.
“We continue an active dialogue with the MNR to achieve satisfactory commercial and contractual clarity around payments and marketing," said chief executive Jón Ferrier.
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Analysts at broker Cantor Fitzgerald said: “The key issue in our view, remains whether a consistent payment mechanism can be established."
Chief executive Jón Ferrier emphasised the group’s operational performance in the Kurdistan region of Iraq..
“GKP is now a well-capitalised entity, with sufficient financial resources to grow its production base for sale to the export market,” says Cantor analyst Sam Wahab.
The Kurdistan based oiler says its still working with the authorities to agree final invoices for the period between May and October 2016.
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A glance at some of the stories on the Proactive newswire today.
CEO Jón Ferrier said Stuart Catterall "is a great addition to the team and we look forward to his contribution as we continue to increase production from the Shaikan field."