Gulf Keystone, which has a 20% working interest in the Akri-Bijeel block in the Kurdistan Region of Iraq, has reported that the Gulak-1 exploration well on the block has begun drilling.
Gulf has previous said it plans to sell its interest in the block.
Gulak-1 is the fourth exploration well to be drilled on the block and the first exploration well to target the Gulak anti-cline at the extreme eastern end of the block.
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The well is located some 21.4 km to the east from the Bijell-1 discovery well and 28.3 km to the east-southeast from the Bijell-3 appraisal well, which is also drilling ahead. Gulak-1 will drill to a planned total depth of around 3,658 metres.
The block is being operated by Kalegran, a 100% owned subsidiary of MOL Hungarian Oil and Gas. Kalegran estimates that the Bijell discovery has probable resources of 2.4bn barrels of oil-in-place.
The share price fell 4.47% to 219p by 09:10.
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