Edison Investment Research - Gulf Keystone Petroleum Ltd. (GVP1) Update: Payments anticipated in September

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Edison Investment Research

Update: Payments anticipated in September

In its half-year results today, Gulf Keystone confirmed continued strong operational performance from Shaikan. The company continues to produce high volumes from Shaikan (a new daily high of 45mbblsd in August), though struggles to receive revenues for its crude. The payments situation remains unchanged, but first cash receipts from the KRG to contractors are now expected in September. This remains the overriding theme for investors in Kurdistan-based companies. We have tweaked our valuation, which remains at 55p/share.

03/09/2015 5 EN

Underlying

Gulf Keystone Petroleum Ltd.

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BMG4209G1087 Berlin Stock Exchange Bermuda

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Payments anticipated in September

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