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Highlights

  • Canaccord Genuity and Clarksons Securities, have maintained positive ratings on Gulf Keystone Petroleum.
  • Gulf Keystone successfully recommenced crude exports from the Shaikan Field via the Iraq-Türkiye Pipeline, with production guidance for 2025 remaining steady at 40,000–42,000 barrels of oil per day.
  • The company reported a 13% increase in adjusted EBITDA to USD 41.1 million, free cash flow of USD 24.6 million in the first-half 2025, and a USD 25 million interim dividend for shareholders.

Gulf Keystone Petroleum Ltd. (LSE:GKP), a leading oil and gas exploration and production company listed on the London Stock Exchange, continues to garner positive recommendations from two prominent analytical firms, Canaccord Genuity and Clarksons Securities. This maintained confidence likely to come amidst significant operational milestones, including the restart of crude exports from the Shaikan Field via the Iraq-Türkiye Pipeline and half-year financial performance.

Broker Rating

Canaccord Genuity's Charlie W. Sharp maintaining a "SPECULATIVE BUY" rating as of September 26, 2025. This rating is complemented by a Price Target of AUD 5.10, representing a substantial 13.12% difference from the current price in Australian Dollar terms.

Similarly, Clarksons Securities AS, through analyst Christoffer Bachke, has upheld a "BUY" recommendation, last reviewed on September 10, 2025. Clarksons also provides a Price Target of AUD 5.00, indicating a 10.86% difference from the current price.

Recent Business Update

Gulf Keystone confirmed on September 29, 2025, the successful recommencement of crude exports from the Shaikan Field via the crucial Iraq-Türkiye Pipeline on September 27, 2025. Export volumes are anticipated to reach full capacity swiftly, complementing a year-to-date gross production averaging approximately 40,900 bopd. The company's 2025 gross average production guidance remains firmly within the 40,000 – 42,000 bopd range.

Financial Performance

Financially, the first half of 2025 witnessed robust performance, with free cash flow generation of USD 24.6 million and adjusted EBITDA increasing by 13% to USD 41.1 million. This was driven by a 17% rise in revenue to USD 83.1 million, bolstered by production and a 6% increase in the average realised price to USD 27.8/bbl. The company also declared a USD 25 million interim dividend for H1 2025, payable on September 30, 2025, offering shareholders the flexibility of receiving the dividend in either GBP or USD.

Looking ahead, Gulf Keystone anticipates 2025 net capital expenditure to be between USD 30-USD 35 million, which includes investments in the new water handling facilities at PF-2, expected to unlock incremental gross production upon commissioning in early 2027.