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.
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
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.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
