Gulf Keystone Announces Resumption of 55,000 bopd Investment Programme

Source: www.gulfoilandgas.com 3/22/2021, Location: Middle East

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, has announced the resumption of the Company's growth plans to ramp-up gross production towards 55,000 barrels of oil per day.

Jon Harris, Gulf Keystone's Chief Executive Officer, said:

'After a year of successfully managing the impact of COVID-19 on our people and production operations at Shaikan, we are pleased to announce that we are resuming the 55,000 bopd expansion programme.

Workstreams have already begun, and we are targeting to restart the drilling of SH-13 in Q3 2021, subject to managing the continuing impact of COVID-19 on the movement of people, services and equipment.'

With support from its partner Kalegran (a subsidiary of MOL Hungarian Oil & Gas), Gulf Keystone has restarted 55,000 bopd expansion activity. Considering the requirement to manage the ongoing impact of COVID-19 and to remobilise people, services and equipment, the Company currently expects drilling operations to begin in Q3 2021. Remaining expansion activity includes completion of SH-13, which was suspended last year, drilling SH-I, the final well in the programme from the same pad, and installing electric submersible pumps in two existing wells.

Guidance for 2021 average gross production remains unchanged at 40,000 to 44,000 bopd, with the increase in gross production towards 55,000 bopd expected to occur in Q1 2022. Remaining Capex required to deliver the 55,000 bopd programme is estimated to be $40-45 million net, resulting in total 2021 Capex of $55-65 million net.


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