Gulf Keystone Petroleum Fights Weak Share Price with Buyback Scheme

Gulf Keystone Petroleum has laid out plans to return $10m (£8m) to shareholders as its board attacked the company’s weak share price. In a trading update published this morning, the company, a leading independent oil producer in the Kurdistan Region of Iraq, said that production during the first few months of 2024 had been “robust”, with gross average sales for the year-to-date coming in at 37,000 barrels of oil per day (bopd). It said realised oil sale prices had risen to $27 per barrel from $25/bbl due to “strong…