Key Points – Production was severely disrupted: Shaikan was shut in from February 28 to June 23 and again in July, reducing first-half output to 14,600 barrels per day from 44,100 a year earlier.
Following the August restart, production was approaching 40,000 barrels per day. – Financial results remained resilient: Adjusted EBITDA rose 26% to $52 million as higher realized export prices and lower operating costs offset lost production
The board declared a $10 million interim dividend, while free cash outflow was limited to $2 million. – Growth and cash recovery remain priorities: Gulf Keystone is seeking to recover an approximately $80 million top-up receivable through additional crude liftings, while its PF2 water-handling project could add 4,000–8,000 barrels per day from 2027. Future investment and drilling plans remain dependent on security, export arrangements and approval of a field development plan. Gulf Keystone Petroleum (LON:GKP) reported a resilient first-half performance despite production disruptions tied to regional security conditions, with higher realized export prices and lower operating costs helping offset a prolonged shutdown at its Shaikan field.
Chief Executive Officer Jon Harris said the company prioritized employee safety during disruption associated with the conflict between the U.S. and Iran. The company extended its record of zero lost-time incidents to more than 3.5 years, he said. Shaikan production was shut in from February 28 through June 23, contributing to gross average first-half output of 14,600 barrels per day, down from 44,100 barrels per day in the first half of 2025.