UK listed operator Gulf Keystone Petroleum Ltd (GKP) have reported record revenues of $250.6 million for 2018, a significant rise from 2017's revenues of $172.4 million.
The company, which operates the Shaikan oilfield in the Kurdistan region of Iraq, has also announced payments of $50 million of dividends to shareholders this year, with the company share price rising following the news.
The company results also highlighted EBITDA of $149.3 million, up from $104.3 million as well as a $79.9 million profit after tax, up from last years figure of $14.1 million.
The company revealed average production at Shaikan for the year was 31,563 barrels per day (bpd), while in its partnership with MOL, GKP will be working to deliver its agreement with the Ministry of Natural Resources to increase production at the field. Under the agreement, investment in the field is targeting production increases to 55,000 bpd in early 2020, with further plans to then double production to 110,000 bpd.
Source: Gulf Keystone / Proactive Investors