Gulf Keystone Petroleum Ltd. Shaikan Operational Update (7820H)
March 18 2015 - 8:02AM
UK Regulatory
TIDMGKP
RNS Number : 7820H
Gulf Keystone Petroleum Ltd.
18 March 2015
Not for release, publication or distribution, directly or
indirectly, in whole or in part in or into the United States or any
jurisdiction other than the United Kingdom and Bermuda where to do
so would constitute a contravention of the relevant laws or
regulations of such jurisdiction. This announcement (and the
information contained herein) does not contain or constitute an
offer to sell or the solicitation of an offer to purchase, nor
shall there be any sale of securities in any jurisdiction where
such offer, solicitation or sale would constitute a contravention
of the relevant laws or regulations of such jurisdiction.
18 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Shaikan Operational Update
Gulf Keystone, the operator of the world class Shaikan field in
the Kurdistan Region of Iraq, today announces that it has resumed
production and truck loading operations at both its production
facilities (PF-1 and -2), in line with the pre-payment of US$ 26
million gross (US$20.8 million net to Gulf Keystone) received for
future Shaikan crude oil sales on 25 February. Gulf Keystone will
now ramp up production to levels consistent with the installed
capacity of 40,000 barrels of oil per day. The Company anticipates
that a further payment of a similar nature will be received, which
is expected to stabilise a payment cycle for current and future
Shaikan production.
Shaikan-10, the Company's first development well and ninth
producer, has demonstrated excellent productivity from the limited
flow data gained to date. Drilled from the same surface location as
Shaikan-10, but 2km away subsurface, Shaikan-11, an additional
production well has now been completed. Shaikan-11, which will
provide PF-2 with additional production capacity, was drilled nine
days ahead of time and under budget. The losses observed during
drilling point to Shaikan-11 being a potentially prolific producer.
Furthermore, Shaikan-8 is now fully connected and able to produce
into PF-1.
Commenting on today's news, John Gerstenlauer, Chief Executive
Officer of Gulf Keystone, said:
"We are pleased to have resumed production and truck loading
operations at Shaikan. Over recent weeks we have maintained a
flexible and prudent approach, ensuring that we can maximise
revenues from Shaikan. We remain confident of a regular payment
cycle for Shaikan crude being established in the near term.
"From an operational perspective, Shaikan is performing well and
we are encouraged by the initial results from Shaikan-10 and the
recently completed Shaikan-11 well."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
John Gerstenlauer, CEO
Anastasia Vvedenskaya, Head of Investor
Relations
Media Relations and Financial PR Adviser: +44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil
and gas exploration and production company focused on exploration
in the Kurdistan Region of Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for four exploration blocks in Kurdistan, the
Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
-- GKPI is the operator of the Shaikan Block, which is a major
commercial discovery, with a working interest of 75% and is
partnered with MOL Kalegran Limited (a 100% subsidiary of MOL
Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have
working interests of 20% and 5% respectively. Texas Keystone Inc.
holds its interest in trust for Gulf Keystone, pending transfer of
its interest to the Company.
-- Gulf Keystone is moving into the large-scale phased
development of the Shaikan field targeting 100,000 bopd of
production capacity during Phase 1 of the Shaikan Field Development
Plan following its approval in June 2013.
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's Directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This communication and the information contained herein is not
an offer of securities for sale in the United States. Securities
may not be offered or sold in the United States unless they are
registered or are exempt from registration. Any public offering of
securities to be made in the United States would be made by means
of a prospectus that would contain detailed information about the
company and its management, as well as financial statements. The
company does not intend to register any portion of this offering in
the United States or to conduct a public offering in the United
States or any other jurisdiction. Any public offering of securities
to be made in the United States would be made by means of a
prospectus that would contain detailed information about the
Company and its management, as well as financial statements. Copies
of this communication are not being, and should not be, distributed
in or sent into the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBBGDXCUBBGUI
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Apr 2023 to Apr 2024