Presentation

Gulf Keystone is an independent E&P company focused on the Kurdish region of Iraq (KRI). The company is listed on the London Stock Exchange with a market cap of USD 500m with a cash balance of USD ~150m as of 12 January and USD 100m bond maturing in 2023.

The company’s main asset is the Shaikan heavy oil field, with 578 mill bbl of 2P reserves as of YE'19. The average gross production from the field was 36,600 bbl/day in 2020. Following debottlenecking work, the production has increased and was about 44,000 bbl/day in mid-January. In June 2018, the company agreed with the KRG to resume investments at the field to grow production to 55,000 bbl/day. However, due to the pandemic the well workover activities and drilling programme have been somewhat delayed. With infill drilling the increased production level can be maintained until PSC expiry in 2043. The Shaikan field also holds a large potential for further growth with a long-term production potential of above 100,000 boe/day.