By Iain Packham
LONDON--Gulf Keystone Petroleum Ltd. (GKP.LN) said Thursday its
consultants have significantly increased the estimated gross
oil-in-place volumes for the Shaikan field in the Kurdistan region
of Iraq, completing the appraisal program.
The consultant, Dynamic Global Advisors, estimates the field
holds between 12.4 billion barrels and 15 billion barrels, up from
the previous estimate of 8.0 billion to 13.4 billion barrels of
oil.
The upgrade is based on the data acquired since the last
resource evaluation of the Shaikan discovery by DGA in November
2011 and is the fourth successive upward revision since the Shaikan
discovery was announced in August 2009.
Gulf Keystone will now submit a Declaration of Commerciality to
the Ministry of Natural Resources of the Kurdistan Regional
Government, under the terms of the Production Sharing Contract
regarding the Shaikan block. This Declaration of Commerciality will
be followed by the submission of an Appraisal Report within two
months.
Gulf Keystone is the operator of the Shaikan block with a 75%
working interest and is partnered with MOL Nyrt. (MOL.BU) and Texas
Keystone Inc., which have a 20% working interest and a 5% working
interest, respectively. Texas Keystone Inc. holds its interest in
trust for Gulf Keystone, pending transfer of its interest to the
company.
Shares closed Wednesday at 212.25 pence.
Write to Iain Packham at iain.packham@dowjones.com
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