Gulf Keystone Petroleum (GKP) has appointed a new CEO, Jon Harris, who will replace Jón Ferrier.
Gulf Keystone Petroleum (GKP) intends to cut 30% of costs this year, including a workforce reduction of 40%.
Gulf Keystone Petroleum does still intend to increase production to 55,000 barrels per day in Kurdistan but this is dependent on conditions improving, including the resolution of outstanding payments from the local government.
Gulf Keystone Petroleum has taken steps to shore up its financial position, with a knock-on impact to its predicted 2020 production.
The Kurdistan Regional Government (KRG) has paid out for the Shaikan crude oil experts.
Gulf Keystone Petroleum made $112million worth of payments to government last year.
Gulf Keystone has received $7.5million from the Kurdistan Regional Government (KRG) for Shaikan crude oil exports in February 2016.
Gulf Keystone is to hold a special meeting next month which aims lift current rules that restrict the company to appointing UK-based directors only.
Gulf Keystone, which operates the world class Shaikan field in the Kurdistan Region of Iraq, has received a payment of $15 million (US$12 million net to Gulf Keystone) for crude oil exports.
Gulf Keystone said production from the Shaikan field in the Kurdistan region of Iraq has now surpassed 15 million barrels.
Gulf Keystone has posted strong results as its revenues increased by 61% from $18.7million to $30.1million from the same time last year. The company revealed its losses after tax were also down from $248.2million to $77.7million. Gulf Keystone said it had strong production performance from its Shaikan operations in the Kurdistan Region of Iraq where it acts as operator with a 75% working interest.