Kurdistan-focused oil explorer Gulf Keystone has announced the discovery following the completion of a well testing programme of the Sheikh Adi-2 exploration well on the Sheikh Adi block.
During the Sheikh Adi-2 well testing programme the company has successfully tested four reservoir zones at measured depths of between 1,420 metres and 1,700 metres, achieving total stabilised aggregate flow rates of 4,235 barrels of oil per day.
Gulf Keystone is the operator of the block with an 80% working interest, with the remainder owned by the Kurdistan regional government.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Todd Kozel, Gulf Keystone's Executive Chairman and Chief Executive Officer said: "We are very pleased with the outcome of the second exploration well on the Sheikh Adi Block, which is in on trend with Shaikan, our major commercial discovery declared earlier this year.
"This most recent exploration success points to the significant potential for further growth and future synergies across our world-class acreage in the Kurdistan Region of Iraq."
NR
