StockMarketWire.com - Oil and gas company Gulf Keystone Petroleum said annual production in 2020 had exceeded its top end of guidance as debottlenecking work at the Shaikan field boosted output.

In 2020, average gross production at Shaikan was 36,625 bopd, exceeding the top end of the guidance range.

Shaikan field production had increased and was currently 44,000 bopd, following previously announced PF-1 plant debottlenecking that delivered production capacity in excess of 30,000 bopd.

Following the increased production and the recent improvement in the oil price, the December 2020 crude oil sales invoice submitted to the KRG was $18.0 million, up 65% from the previous month, the company said.

Gross production guidance for 2021 was within a range fo 40,000 to 44,000 bopd average, with $15 to $20 million net capital expenditure and $2.5 to $2.9/bbl operational expenditure.

'Guidance will be updated once conditions allow well workovers and the restart of the drilling programme to achieve 55,000 bopd,' the company said.

The company said Jon Harris would join as chief executive officer on 18 January 2021.

At 10:10am: [LON:GKP] Gulf Keystone Petroleum share price was 0p at 78.9p



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