Gulf Keystone Petroleum. have reinstated their annual dividend policy of at least $25.0 million, declared a $25.0 million ordinary dividend for 2020 and also declared a $25.0 million special dividend. Towards the end of period, the Company transferred $25.0 million to the share registrar to pay the ordinary dividend on 2 July 2021. The special dividend was paid on 6 August. They are to declare an interim dividend of 50.0 million for 2021, which is to be paid on 8 October 2021, based on a record date of 24 September 2021, in line with their strategy of balancing investment in growth and returns to shareholders.
Other financial highlights include:
H1 2021 revenue up 162% to $130.7 million (H1 2020: $49.9m) contributing to a return to profit after tax of $64.8 million (H1 2020: $33.1 million loss)
Adjusted H1 2021 EBITDA of $93.8 million, more than triple $27.5 million in H1 2020, driven by the Company's strong leverage to the recovery in oil prices, increase in production and low-cost base:
o Realised price up 129% to $43.7/bbl (H1 2020: $19.1/bbl)
o H1 2021 gross average production up 17% to 43,516 bopd (H1 2020: 37,159 bopd)
o H1 2021 gross Opex per barrel of $2.4/bbl, below 2021 guidance range of $2.5-$2.9/bbl
Net Capex of $14.1 million (H1 2020: $38.5 million), with the restart of the 55,000 bopd expansion programme
Robust cash balance of $177.4 million at 1 September 2021
