Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan oil field with current production capacity of 40,000 barrels of oil per day.
Gulf Keystone was one of the first companies to see the potential of the region and in 2009 discovered the Shaikan field which was declared a commercial discovery in 2012.
The Company operates one of today’s largest onshore developments with a production capacity of 40,000 barrels of oil per day, with plans to increase to 55,000 bopd in the near term, and further beyond.
The Company believes there remains significant upside potential in the Shaikan field and seeks to unlock this value through its development activity.
The company declared its first dividend this year and has just commenced its second round of share buyback. With a PE ratio of 7.7 the company is well positioned ahead of its expansion from 32k bopd to 55k bopd.
2019 result announced. Financials look strong and also owed another $93.7 million gross ($73.3 million net to GKP) for production November to February
Financial
· In 2019, the Company achieved its production, capital expenditures, operating costs and G&A costs guidance.
· Profit after tax of $43.5 million (FY 2018: $79.9 million) and revenue of $206.7 million (FY 2018: $250.6 million) were down, as Brent oil prices averaged $64 per barrel in 2019 compared to $71 per barrel in 2018.
· Net capital investment in Shaikan of $90.0 million (FY 2018: $35.4 million).
· Maiden dividend and share buyback programmes returned $79 million in 2019. Subsequent completion of the share buyback programme brought total returns to $99 million.
· Cash balance of $190.8 million at year end (2018: $295.6 million).
Well that was a nice surprise today, perhaps GKP have moved to a quarterly dividend schedule? Either way, had a 23p/share divi come through this afternoon!
Message from FT:
“Our team is currently investigating this as we have noticed a delay on our registrars side. Once everything has been confirmed, you can rest assured that the payment will be processed and issued to your account.”
Any big chiefs of FT on today? A week and still no sign of the dividend? and no real explanation from the help desk other than ‘a delay with our registrars’. Not good for a Plus stock.
