The independent oil and gas exploration, development and production company reported a pretax loss of
Revenue rose to
Export sales contributed
In addition, the company, which has a policy of recognising export revenue on a cash receipts basis, said some
Gulf Keystone said the revenue recognition policy for export sales will be re-evaluated once the payment process is better established.
The realised price for domestic sales was
Shaikan production has doubled since 2013 to in excess of 20,000 gross barrels of oil per day through the tie-in of an additional producing well to Shaikan PF-1 and the commencement of production from Shaikan PF-2.
"The company still targets 40,000 barrels of oil per day of Shaikan production by year end through the tie-in of three additional producing wells, Shaikan-7, -8 and -10," it said in a statement. However, it added that "certain consequences of the recent security situation, including the current short term limited availability of some international contractors, may cause this to move to the first-quarter of 2015."
The six months period to
The company said its primary focus is to continue to work with the
Meanwhile, the company said it continues to affect an orderly exit from its Algerian operations, continuing discussions with its partner Sonatrach regarding the withdrawal from Block 126a.
Gulf Keystone shares were down 7.0% at
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