Get your free $100,000 CFD trading account today
BuyPennyStocks.com - an unbiased resource dedicated to helping investors interested in penny stocks.
Invest in the Future
Advertise with Shareworld now and profit from our future
Click here for more information
Gulf Keystone Trading Ltd
Back to Company Information
Company Information
Gulf Keystone Trading Ltd. (AIM: GKP), an AIM listed independent energy company whose goals are to explore, develop and produce oil and gas primarily in North Africa and the Middle East, has announced the beginning of exploration of Shaikan I in northwestern Kurdistan, Iraq. In addition, GKP has exploration rights to the Akri-Bijeel Block, adjacent to Shaikan I. These blocks join GKP's already producing fields at Hassan Ba Hamou, Algeria, as well as its northern Algerian production areas.
GKP has also announced that the first pre-packaged production units have arrived at at Shaikan I and this equipment, together with other oil tanks and a truck-loading facility, will form the long-term basis of a 10,000 barrel output per day (bopd) facility. This startup phase of production testing should last 18 to 24 months and will provide data on the reservoir in this area. This also represents the first testing of the Sargelu oil reservoir.
In addition to Shaikan I, GKP is also in the process of moving its AOS Discover 1 drilling rig to the Sheikh Adi-1 Exploration well site where the drilling rig is nearly 10 percent complete. This is GKP's first test well at its Skeikh Adi-1 block where it is believed the reservoir is in excess of one billion barrels.
These holdings are in addition to more than six blocks and two producing oil fields in Algeria where GKP has had interests since 2001. These blocks and fields comprise more than 17,600 square kilometers in the Republic of Algeria. GKP has announced its intention to also exit its Algerian operations so that it can concentrate on its Kurdistan testing and production. The announcement of this exit was made July 1.
Gulf Keystone's aim is to focus on the exploration of its Kurdistan holdings. It is part of a joint venture with ETAMIC, a partner in its Kurdistan operations. This joint venture holds a total of four exploration blocks in an area near Erbil. The total area under license to this joint venture is 1,702 kilometers.
GKP's ultimate goal is to be a competent operator: from both an environmental and social aspect. As such the company hopes to be known for its positive contributions to all of its holdings.
As of June 1, there were 672,185,122 shares of stock issued in GKP which is quoted on the Alternative Investment Market of the London Stock Exchange. The company maintains its corporate offices in Bermuda. GKP employs 50 people worldwide, including 40 in technical positions.
Add A Comment