Gulf Keystone Petroleum Limited

Gulf Keystone Petroleum Limited is a London-listed oil and gas company focused on the operation of the Shaikan field in the Kurdistan Region of Iraq. Gulf Keystone is the operator and holds an 80% working interest in the production sharing contract for the field which is located approximately 60km northwest of Erbil.

The Shaikan field commenced commercial production in 2013 and has produced over 117 million barrels of oil to date.. As per the latest certified gross reserves estimate, Shaikan contains 506 million barrels of 2P reserves and 311 million barrels of 2C contingent resources. Current facilities have capacity for 55,000 barrels per day with the potential for future expansion.

In the first half of 2023, gross average production from Shaikan was 23,256 barrels per day, supplying export pipelines as well as the domestic Kurdistan market.  The company is well positioned to benefit from Shaikan's attractive fundamentals when the operating environment improves. 

At current market capitalization of approximately $250 million, Gulf Keystone Petroluem offers compelling value with its low operating costs and no outstanding debt as the company continues to preserve liquidity while progressing towards a restart of export pipeline operations.