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Wed, Jan. 6, 11:59 AM
- Gulf Keystone Petroleum (OTCQX:GUKYF), Genel Energy (OTCPK:GEGYF) and DNO (OTCPK:DTNOF) all confirm receiving payment from the Kurdistan regional government for oil exported from the Kurdistan area of Iraq.
- DNO says it received $30M as partial payment towards oil exported from the Tawke field, which will be shared with license partner Genel Energy, and Gulf Keystone received a $15M payment for crude oil export sales from the Shaikan field; Genel announced yesterday that the Taq Taq field partners had received a $30M payment from the KRG.
- The payments appear to reflect an improvement and a regularity of payments which began in September.
Dec. 2, 2015, 9:15 AM
- Gulf Keystone Petroleum (OTCQX:GUKYF) says it received payment for exports from the Kurdistan regional government in Iraq for oil exports from its producing Shaikan heavy oil field.
- The company says it received a net payment of $12M for its November invoice, and has received $86M in payments for exports YTD.
- Third-party assessments show proved reserves in the Shaikan reserve area at 198M-306M barrels, 55% more than original estimates, while proved plus probable reserves increased by 114% to as much as 639M barrels.
Nov. 30, 2015, 10:40 AM
- Gulf Keystone Petroleum (OTCQX:GUKYF -7.4%) plunges as a deadline approaches for Kurdistan to make good on a pledge to pay regional oil producers, Bloomberg reports.
- Gulf Keystone, Genel Energy (OTCPK:GEGYF) and DNO (OTCPK:DTNOF) are awaiting a November payment from the Kurdistan's regional government for the ~300K bbl/day they jointly produce, and failure to pay would undermine the companies’ finances and their ability to expand output.
- Gulf Keystone says it remains in talks with the KRG and expects the next payment to be in line with those received in September and October.
Oct. 20, 2015, 8:19 AM
- Kurdistan-focused Genel Energy (OTCPK:GEGYF) lowers its production forecast for this year because of earlier delays in export payments, although it has now received two monthly payouts from the regional government.
- Genel says it now expects to pump 85K-90K bbl/day in 2015, compared with a previous forecast of 90K-100K, and it narrows full-year guidance for capital spending to $150M-$175M from $150M-$200M and revenue to $350M-$375M from $350M-$400M.
- Related Kurdistan-focused tickers: OTCQX:GUKYF, OTCPK:DTNOF
Oct. 15, 2015, 8:59 AM
- Gulf Keystone Petroleum (OTCQX:GUKYF) says it received its second payment this year from the Kurdistan regional government for crude oil exports, sparking a rally in shares of oil producers operating in the area.
- The government paid Gulf Keystone $15M for exports of crude from the Shaikan field this month, following a similar payment in September and in line with pledges to resume regular compensation to international oil companies for exports from the region.
- Genel Energy (OTCPK:GEGYF) chairman Tony Hayward says the payment situation has "turned a corner," as the increase of oil exports in recent months and independent sales from the Ceyhan oil terminal in Turkey have raised enough revenue for the government to cover its domestic budget as well as pay the oil companies.
Sep. 8, 2015, 12:49 PM
- Genel Energy (OTCPK:GEGYF) says Kurdistan's regional government has paid $16.5M for oil exported through the Iraq-Turkey pipeline, a day after Gulf Keystone (OTCPK:GUKYF) said a $15M payment had been authorized by Kurdistan to be wired to its account during the next seven days.
- Kurdistan said it allocated $75M of revenue from the sale of crude oil for payments; operators of the Taq Taq oil field, including Genel, will receive $30M with the same amount will go to Tawke field operator DNO (OTCPK:DTNOF), and Gulf Keystone expects to get $12M of $15M allocated for the Shaikan field, with the remainder going to its partners.
- The payments would be the first scheduled compensation to companies that have been caught for years in a dispute over revenue sharing between Kurdistan and Iraq’s federal government.
Aug. 3, 2015, 10:48 AM
- Shares of Gulf Keystone (OTCPK:GUKYF +20%), Genel Energy (OTCPK:GEGYF +7.1%) and DNO (OTCPK:DTNOF) are surging after the government of Iraqi Kurdistan said it would start paying them for oil exports next month.
- The Kurdistan Regional Government says it will begin allocating part of revenue from oil exports to producers on a monthly basis from September to cover their running expenses, and may make additional revenue available to the companies to start paying dues for past exports as shipments rise next year.
- The payments would be the first stable compensation for the companies’ exports, which have been caught for years in a dispute over revenue sharing between the KRG and Iraq’s federal government.
Jun. 1, 2015, 8:14 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) appoints Jon Ferrier, a senior VP for business development at Maersk Oil, as its new CEO, replacing John Gerstenlauer, who will leave the job later this year.
- Kurdistan-based Gulf Keystone promoted Gerstenlauer from COO in July last year, and the company credits him with achieving its operational target of 40K bbl/day production at the end of 2014.
Apr. 9, 2015, 8:48 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF) reports a $246M pretax loss for 2014 vs. a $32M loss in 2013, and says it is considering a range of options including a sale of the company.
- Full-year revenues rose to $38.6M from $6.7M in the prior year, and current production is running above 37K bbl/day, and the company says it hopes to achieve an average rate of 36K bbl/day through 2015.
- Gulf Keystone says it is in discussions regarding possible asset transactions or a sale of the company, as well as considering additional routes to secure further funding.
Apr. 1, 2015, 12:57 PM
- Former Gulf Keystone (OTCPK:GUKYF) Chairman Simon Murray tells Reuters he was talking to several parties, including Exxon Mobil (NYSE:XOM), about a rescue for the oil company before being forced to quit under pressure from an investor.
- Gulf Keystone, which has been hit hard by falling oil prices and delayed payments for crude by Kurdistan, said earlier this week that Murray had retired, but Murray claims he was effectively forced to quit after he disagreed with the company's decision to raise $41M through an equity issue at a 21% to the market to avoid breaching debt covenants.
- XOM, which in 2012 became the first major oil company to invest in Kurdistan, is not responding to the comments.
Feb. 25, 2015, 7:45 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) surges nearly 70% in London trading after confirming it is talking to a number of parties about selling either assets or the entire company.
- Gulf Keystone, like many other foreign oil companies operating in Kurdistan, has suffered from the Kurdish government's struggle to catch up with a backlog of oil export payments; earlier this month, the company suspended all crude oil exports by truck from Shaikan, its only oil producing field in the region, due to continued non-payment by the local government.
- The talks are preliminary and there is no certainty of an offer being received, the company says.
Feb. 6, 2015, 10:27 AM
- Gulf Keystone (OTCPK:GUKYF -10%) is sharply lower after the Kurdistan-focused oil company says it suspended its crude oil exports by truck following non-payment by the local government.
- The company has returned to selling crude from its Shaikan field in the domestic market to keep cash coming as negotiations with Kurdistan's regional government continue.
- The delays are worrisome for Gulf Keystone, which has $575M in debt amid a squeeze on its revenues following the collapse in oil prices.
Jan. 5, 2015, 10:38 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it achieved record daily production and export sales last month at its Shaikan oilfield in Iraqi Kurdistan.
- The company says oil production gradually increased since early December to reach its 40K gross bbl/day target on Dec. 27.
- Gulf says it is now producing from seven wells at the Shaikan field with an eighth well expected to come online this month; it also has drilled an 11th well, which it plans to connect to existing production facilities in the near term.
Nov. 13, 2014, 7:59 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it is on track to meet its FY 2014 production target of 40K bbl/day at its key oil field in Iraqi Kurdistan, but shares are -10% in London trading amid uncertainty around how much money the company would receive from the Kurdistan government for oil exports.
- The government says it would pay $75M to oil producing companies for their exports in November and make further payments on a regular basis.
- Gulf Keystone says exports by truck to the Turkish coast have continued uninterrupted since Nov. 2013.
Oct. 1, 2014, 12:43 PM
- Gulf Keystone Petroleum (OTCPK:GUKYF) has returned all staff to its operations in Iraqi Kurdistan after evacuating international contractors from the region amid escalating violence in August.
- The company says it is on target to produce 40K bbl/day of oil at its Shaikan wells after producing ~23K bbl/day since Aug. 28.
- It says ~30% of output from the field is being sold to the domestic market, with 220K barrels sold since Aug. 28 that have generated gross revenue of $9.4M.
Aug. 28, 2014, 9:58 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it is sending staff back to Iraqi Kurdistan after U.S. airstrikes eased the threat from Islamic State militants that prompted a mass evacuation of expatriate oil workers three weeks ago.
- Gulf Keystone says it plans to nearly double production in Kurdistan to 40K bbl/day from 22K by the end of the year; it has a 75% stake in the Shaikan oil field, one of the largest in the Kurdish region.
- The oil explorer says Weatherford International (NYSE:WFT), its partner in the area, is sending personnel back to rigs in the region today or tomorrow.
Gulf Keystone Petroleum Limited is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq. The Company is registered in Bermuda with further offices in Erbil, Kurdistan Region of Iraq, Algiers, Algeria and London, UK. The Company was... More
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