Gulf Keystone Petroleum, Iraq’s Kurdistan-focused oil producer, has declared an interim dividend of $15 million, driven by improving liquidity and the current market outlook.

The dividend is equivalent to $6.832 per share as of June 20, 2024, the LSE-listed company said.

Shaikan Field crude sales to the Kurdistan market have continued to be robust in recent weeks, with gross average sales in 2024 year to date increasing to 38,700 barrels of oil per day and current prices further improving to $28 per barrel, said CEO Jon Harris.

“As a result, our liquidity position has continued to improve,” he said, adding the company will continue to review additional dividends or buybacks based on the operating environment and liquidity needs.

The dividend payout is expected on July 19, 2024.

The company continues to actively engage with the government for a pipeline exports restart solution, contingent upon reaching agreements on payment surety for future oil exports, the repayment of outstanding receivables and the preservation of current contract economics.

(Editing by Seban Scaria