LONDON (ShareCast) - (Sharecast News) - Gulf Keystone Petroleum reported higher first-half revenue and earnings on Thursday, as increased production and firmer prices lifted results, despite a temporary shutdown at its Shaikan Field in July.
Revenue for the six months ended 30 June rose 17% year on year to $83.1m, driven by a 12% increase in gross average production to 44,100 barrels of oil per day (bopd) and a 6% rise in the average realised price to $27.8 per barrel.

Adjusted EBITDA climbed 13% to $41.1m, while free cash flow generation stood at $24.6m.

The company ended the half with a cash balance of $99m and no debt, later rising to $105.7m by 27 August.

"We delivered strong operational and financial performance in the first half of 2025, with material free cash flow generated from increased production and realised prices, capital discipline and cost control," said chief executive Jon Harris.

"Following the temporary shut-in of the Shaikan Field in July related to security concerns, production restarted earlier this month after consultation with the Kurdistan Regional Government and has gradually ramped back up towards full well capacity."

Production guidance for 2025 was tightened to between 40,000 and 42,000 bopd from 40,000 to 45,000 bopd to reflect the disruption.

Gulf Keystone sanctioned the installation of water handling facilities at PF-2, expected to be commissioned in early 2027, with potential to unlock 4,000 to 8,000 bopd of incremental production and reduce reservoir risk.

The board declared a $25m interim dividend, taking total 2025 distributions to $50m.

It said the payout will be made on 30 September to shareholders on the register by 12 September.

The company said it remained in talks with the Kurdistan Regional Government over restarting crude exports through the Iraq-Türkiye pipeline, noting "increasing momentum towards a solution in recent weeks."

At 0925 BST, shares in Gulf Keystone Petroleum were up 2.45% at 185.43p.

Reporting by Josh White for Sharecast.com.

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