Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, is pleased to announce that the Board has approved the declaration of a special dividend of $50 million.
Jon Harris, Gulf Keystone’s Chief Executive Officer, said:
“Following payment of $115 million of dividends year to date, we are delighted to declare today a special dividend of $50 million, consistent with our strategic commitment to balance investment in growth with shareholder distributions. The declaration brings total dividends for shareholder approval at the upcoming AGM to $75 million and increases total dividends declared in 2022 to $190 million. Assuming timely payment of invoices and strong oil prices, we expect continuing strong cash flow generation in 2022, providing flexibility to consider further shareholder distributions, optimisation of the capital structure and a potential increase in capital expenditure with progress on the FDP.”
Gulf Keystone will be seeking shareholder approval at the Annual General Meeting (“AGM”) on 24 June 2022 to pay total dividends of $75 million, comprising the previously declared $25 million annual ordinary dividend and the $50 million special dividend declared today.
The annual ordinary dividend of $25 million is expected to be paid on 15 July 2022, based on a record date of 1 July 2022. The special dividend of $50 million is expected to be paid on 29 July 2022, based on a record date of 15 July 2022.
Both dividends will be payable in pounds sterling and converted from dollars at the spot rate leading up to the relevant record dates. The Company will disclose the US dollar and pounds sterling rate per share for both dividends prior to their ex-dividend dates.
As at 24 May 2022, the Company had a cash balance of $218.0 million, including the recently received February 2022 invoice payment.
+44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com
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