Gulf Keystone Petroleum Limited (LSE:GKP) declared a $10 million interim dividend after restarting production and exports from its Shaikan Field in Kurdistan, with output now approaching 40,000 barrels of oil per day following two security-related shutdowns this year.
Gross average production fell 67% to 14,600 bopd in the first half from 44,100 bopd a year earlier, after Shaikan was shut from late February until 23 June. Despite the disruption, adjusted EBITDA increased 26% to $51.7 million, as higher realised export prices and lower operating costs outweighed the production decline. Invoiced revenue was broadly unchanged at $82.8 million.
The average realised price climbed to $83.5 a barrel, representing an $8.8 discount to Dated Brent, compared with $27.8 a barrel in the prior-year period. GKP is currently receiving around $30 per barrel in cash under interim export arrangements, with the difference accruing as a receivable. Its export-related top-up receivable reached $79.6 million at the end of June.
Chief executive Jon Harris said the extended export agreements had delivered “improved remuneration relative to local sales and consistent payments without delay following crude liftings”. The company had $63.5 million of cash and no debt as of 24 August.
The $10 million dividend, worth $0.046 per share, is due to be paid on 28 September. GKP is also progressing its PF-2 water handling project for start-up in the first quarter of 2027, targeting an additional 4,000–8,000 bopd of gross production from existing constrained wells.
