Gulf Keystone Petroleum Limited (LSE: GKP)

Gulf Keystone Petroleum Limited (LSE: GKP) is an FTSE Main Market company, focused on oil and gas exploration and production. Moreover, the Company operates in the Kurdistan Region of Iraq and through segments, including the Kurdistan Region of Iraq and the United Kingdom.

H1 FY23 Financial & Operational Highlights (for the 6 months ended 30 June 2023, released on 31 August 2023)

• Decline in Profitability: GKP has demonstrated a decline in Adjusted EBITDA and profitability, adversely impacted by the suspension of exports and lower realised prices in Q1 FY23.
• Liquidity Crunch: The Company has identified several business opportunities to reduce the monthly expenditure run-rate by up to USD 2 million. However, it may result in the delay of a timely return to full production. Furthermore, GKP will take further actions to preserve liquidity by considering additional sources of liquidity as necessary, including external financing.
• Cash Position: The Company has a cash balance of USD 82.1 million as of 30 August 2023 with no debt. Moreover, the Company has generated a free cash outflow of USD 9.9 million, illustrating lower Adjusted EBITDA and delays to KRG payments.

Share Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Gulf Keystone Petroleum Limited (LSE: GKP) was trading at the current market price of GBX 93.92 (as of 01 September 2023, 11:09 AM GMT+1)

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 01 September 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

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