Gulf Keystone and Genel make 'significant' discovery

Genel Energy and Gulf Keystone Petroleum have revealed a 'significant' oil discovery at their part-owned exploration well in Kurdistan.

Genel Energy and Gulf Keystone Petroleum have revealed a 'significant' oil discovery at their part-owned exploration well in Kurdistan.

Gulf Keystone and Genel both hold a 40% working interest in the Ber Bahr block in the Kurdistan Region of Iraq, with the Kurdistan Regional Government having a 20% carried interest in the production sharing contract.

Fully-listed Genel Energy, the operator of the block, revealed that the well achieved a sustainable flow rate over a period of days of 2,100 stock tank barrels per day of heavy crude oil.

AIM-listed Gulf Keystone, currently valued at £1.4bn and poised to soon join the Official List of the London Stock Exchange, noted that Genel intends to begin a phased development of the field in the second half of this year.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer, said: "This is another significant discovery and the fifth across the four blocks the company has an interest in.

"It comes during an exciting year for the company as we move towards becoming a significant producer in the region."

Earlier in May, Gulf Keystone informed that in the coming months it would move into "a phase of significant production", with the capacity to produce up to 40,000 barrels of oil per day (bopd) from its Shaikan discovery nearby in Kurdistan, which is expected to increase to 150,000 bopd in 2015 and up to 400,000 bopd in coming years.

Shares in Gulf Keystone Petroleum were up 1.3% at 154p and in Genel Energy were up 1.9% at 944.5p at 09:15 on Thursday.

OH

Recommended

Four high-quality US stocks to give shelter from the storm
Share tips

Four high-quality US stocks to give shelter from the storm

Professional investor Timothy Parton of the JPMorgan American Investment Trust picks four solid US stocks to buy now.
24 May 2022
Three undervalued mid-cap stocks with attractive prospects
Share tips

Three undervalued mid-cap stocks with attractive prospects

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing mid-cap stocks to buy now.
24 May 2022
Britain’s ten most-hated shares – w/e 20 May
Stocks and shares

Britain’s ten most-hated shares – w/e 20 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
23 May 2022
Britain's most-bought shares w/e 20 May
Stocks and shares

Britain's most-bought shares w/e 20 May

A look at Britain's most-bought shares in the week ending 13 May, providing an insight into how investors are thinking and where opportunities may lie…
23 May 2022

Most Popular

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Everything is collapsing at once – here’s what to do about it
Investment strategy

Everything is collapsing at once – here’s what to do about it

Equity and bond markets are crashing, while inflation destroys the value of cash. Merryn Somerset Webb looks at where investors can turn to protect th…
23 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022