Shares of Gulf Keystone Petroleum surged 8.8% to 199.6p on Tuesday, extending gains from Monday after the company reported a strong operational recovery in Kurdistan and declared an interim dividend.
The London-listed oil producer cited the resumption of operations following a four-month shutdown driven by regional security concerns in Kurdistan, which ended in late June. During the disruption, gross average production fell to approximately 14,600 barrels per day. Production rebounded sharply after operations resumed, reaching over 43,000 barrels per day by late June, according to the company.
Gulf Keystone reported adjusted EBITDA of $51.7 million for the six months ended June 30, up from $41.1 million in the same period last year. Revenue remained broadly stable at $82.8 million, compared with $83.1 million in the first half of 2025. The company declared an interim dividend of $10 million, equivalent to $0.046 per ordinary share, payable on September 28, 2026.
Full-year production guidance was maintained at 37,000 to 41,000 barrels of oil per day, reflecting a recovery trajectory following the disruption. CEO Jon Harris emphasized the company's robust, debt-free balance sheet throughout the period, noting that production and exports resumed with volumes returning to prior levels after the extension of provisional tripartite export agreements.
The stock's gain follows broader market strength, with U.S. indices and the FTSE 100 trading higher on Tuesday, supporting risk appetite in energy equities amid a favorable oil price environment and upward analyst price targets.
