September 10, 2019 / 6:40 AM / a month ago

Gulf Keystone cuts 2019 output outlook, H1 profit drops 4%

Sept 10 (Reuters) - Gulf Keystone Petroleum Ltd cut its annual gross production forecast to between 30,000 to 33,000 barrels of oil per day and posted a 4% drop in core profit for the first-half of the year due to operational delays.

Core profit for the six months ended June 30 fell to $59 million from $61.6 million a year earlier.

The company now expects 2019 gross production to be between 30,000 and 33,000 barrels of oil per day compared with prior forecast of 32,000-38,000 bopd due to delay in the start of drilling campaign and a planned shutdown of its second Shaikan production facility in October.

The Bermuda-based company said it was resuming the repurchase of the remaining $10 million shares that was announced as part of a $25 million stock buyback plan in July. (Reporting by Yadarisa Shabong in Bengaluru; editing by Arun Koyyur)

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