Gulf Keystone Petroleum (OTCQX:GUKYF -19.4%) says it is actively reviewing options to secure new funding and restructure its balance sheet amid “significant” doubts about its ability to continue as a going concern.
The Kurdistan-focused oil producer says it faces “material uncertainties” relating to its ability to meet "significant coupon payments” in April and October 2016, as well as debt repayments of $250M in April 2017 and $325M in October 2017.
“Strenuous efforts are currently underway to strengthen the balance sheet,” says Gulf Keystone CEO Jón Ferrier.
In its 2015 results, Gulf posted a $135M loss vs. a 2014 loss of $248, and $86M in revenues vs. $38M in 2014; 2015 gross production totaled 11.1M barrels of oil (30.5K bbl/day), up 71% Y/Y, and expects to produce 31K-35K bbl/day this year.
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