IN BRIEF: Gulf Keystone's Previous Shaikan Field Estimates Reaffirmed

Gulf Keystone Petroleum Ltd - operator and producer in the Kurdistan Region of Iraq - Provides ...

Alliance News 16 February, 2021 | 4:55PM
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Gulf Keystone Petroleum Ltd - operator and producer in the Kurdistan Region of Iraq - Provides competent person's report update on the Shaikan field, in which Gulf Keystone has an 80% working interest. CPR was prepared by ERC Equipoise and incorporates an updated development plan, new wells, production data and further technical analysis that has taken place since the last CRP in 2016. Gross 2P reserves and 2C contingent resources at December 31 798 million stock tank barrels, consistent with 2019 end volumes, adjusted for 2020 production. Gross 1P reserves rise 33% after adjusting for 2020 production to 240 MMstb. Shaikan gross 1P reserves life index approximately 15 years with gross 2P reserves life index of more than 31 years, assuming January 2021 production levels.

Chief Executive Jon Harris says: "The updated CPR demonstrates the continuing long-term strong performance of the Shaikan Field with gross 2P+2C reserves and resources volumes in line with the 2016 CPR, after adjusting for production over the period. Prior company estimates are reaffirmed with gross 2P+2C reserves and resources of [approximately] 800 MMstb at December 31, 2020, including over 500 MMstb of gross 2P reserves. We have a deep understanding of the Shaikan field that has produced over 80 MMstb to date and are pleased that the latest CPR matches our interpretation and understanding of the geological model, underlining the considerable untapped potential of the field."

Current stock price: 168.00 pence; up 4.2% on Tuesday

Year-to-date change: up 37%

By Anna Farley;

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Gulf Keystone Petroleum Ltd 164.40 GBX -3.63 -

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