The London- supplied impartial oil driver within the Kurdistan space of Iraq claimed it was remaining to provide complimentary capital, pushed by sturdy want for crude from its Shaikan Field, the place abnormal manufacturing bought to 48,500 barrels each day in September and 45,900 barrels each day this month till now.
Despite unpredictabilities in neighborhood gross sales and an upcoming maintenance closure in November, grew to become conscious prices for Shaikan unrefined stayed regular at $27 to $28 per barrel.
As of seven October, Gulf Keystone held a money cash equilibrium of $110m.
The enterprise claimed its upgraded technique to investor circulations will surely see it analyze its capability to state performing returns semi-annually, with share buybacks considered opportunistically.
Gulf Keystone’s emphasis stayed on stabilizing investor returns with the demand to cash obligatory monetary investments within the Shaikan Field and preparing for the resumption of Kurdistan oil exports.
The $20m performing reward will surely be paid on 31 October, equal to 9.216 United States cents per share.
Shareholders would possibly select to acquire the settlement in both sterling or bucks.
Additionally, the enterprise’s buyback program, which will surely be carried out on the London Stock Exchange by brokers Canaccord Genuity and Peel Hunt, was readied to start immediately and run until 31 December, or until the optimum amount of $10m was gotten to.
All purchased shares will surely be terminated to lower the enterprise’s funding.
“We have long recognised the importance of distributions to Gulf Keystone shareholders and we were pleased to be able to restart returns of excess cash earlier in the year with free cash flow generation from local sales,” claimed ceo Jon Harris.
“As our liquidity stays to spice up, we’re at this time laying out an upgraded technique to investor circulations within the present neighborhood gross sales setting, that features methods to look at the enterprise’s capability to state an performing reward on a semi-annual foundation round our full yr and fifty % yr outcomes.
“In line with this approach, we have decided to declare a $20m interim dividend and initiate a share buyback programme of up to $10m.”
At 1052 BST, shares in Gulf Keystone Petroleum had been up 6.8% at 135.74 p.
Reporting by Josh White forSharecast com.
