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Gulf Keystone Petroleum published its first-half 2026 results on 25 August, reporting average gross Shaikan production of 14,600 barrels per day, compared with 44,100 a year earlier. The Iraqi Kurdistan field was shut as a precaution from 28 February to 23 June. Production resumed on 24 June above 45,000 barrels per day before another shutdown from 19 July to 15 August; the subsequent restart began on 16 August.
The company reported EBITDA of USD 51.7 million, against USD 41.1 million in the previous first half, and a free-cash outflow of USD 2 million. Its stated USD 82.8 million revenue figure is based on entitlement invoices and is not an IFRS revenue measure. The reported realized price of USD 83.5 per barrel also differs from cash received of about USD 30 per barrel under interim export arrangements. The difference should not be treated as cash already collected.
Net capital expenditure was USD 18.3 million. Work included well interventions, safety upgrades and the PF-2 water-handling project. Additional water-handling capacity was expected in the first quarter of 2027, so it was not already operating when the results were announced. The investment concerns managing produced water, rather than drilling new potable-water wells.
For well-industry analysis, the disclosure links operational interruptions, payment mechanics and maintenance requirements. New drilling in 2027 was conditional on receiving full contractual entitlement at international prices. Discussions over a revised development plan do not establish an approved new-well campaign. Later production, payment and project updates will be needed to assess recovery, while the half-year average remains a historical measure affected by the shutdowns.