Iraqi oil player Gulf Keystone Petroleum said Thursday it's still in talks about a sale of the company despite significant achievements in the country.
The company, which has headquarters in London, said in its full-year 2014 announcement gross production was 6.4 million barrels of oil, up from the 496,921 barrels produced in 2013. Growth potential for this year is substantial, the company said.
The company in March resumed production from the Shaikan reserve area in the Kurdish north of Iraq after receiving payments for future crude oil sales. Production is now expected to increase to levels consistent with the installed capacity of 40,000 barrels of oil per day.
Chairman Andrew Simon said 2014 was pivotal, adding his company was able to move forward with production in Iraq despite security challenges tied to the regional rise of the terrorist group calling itself the Islamic State.
Net losses for the company were substantial. The company said revenues for full-year 2014 were $38.6 million, but it was owed another $100 million for crude oil export sales. Simon said "all avenues" are open for rebuilding shareholder value.
"The company is continuing to engage in discussions with interested parties in relation to possible asset transactions or a sale of the company, as well as considering additional routes to secure further funding," he said in a statement.
For 2015, the company said it aimed to keep production rates from its Kurdish assets at around 36,000 bpd and manage its expenses in "a responsible and prudent manner, continuing to review and control capital commitments."
