Gulf Keystone boosts revenue, narrows loss

The London-listed firm said that figure included $51.2m recognised in relation to a part of the previously unrecognised revenue arrears, and $50.9m for first half liftings.

Cash spend on capital items was $15.7m, compared to $52.2m, and gross operating costs per barrel were $4.00, down from $5.00 in the first half of last year.

Gross profit for the period was $25.8m, due to recognition of revenue relating to prior years' liftings, although there was an impairment of $40.0m following the relinquishment of the Sheikh Adi and Ber Bahr blocks.

Gulf Keystone posted a loss after tax for the period of $59.9m, narrowing from $77.7m.

“Upon completion of the restructuring we will be able to effectively relaunch Gulf Keystone,” said CEO Jón Ferrier.

“We will benefit from an enhanced balance sheet, a well understood field which continues to perform above expectations and a clear path to significantly increasing production and growing value over time.

“With a regular payment schedule, Gulf Keystone will be in the strongest position it has been in for a number of years and faces the future with renewed confidence.”

At 1132 BST, shares in Gulf Keystone Petroleum were up 3.22% at 2.08p.