1st Oct 2015 06:45
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd on Thursday said it has received the competent person's report on the reserve estimates for its oil assets in the Kurdistan region of Iraq, upgrading estimates.
The report has upgraded the 1P reserve estimate for the Shaikan crude oil field by 55% compared to the March 2014 estimate to 306 million barrels of oil gross, from 198 million previously. The 2P reserve estimate has been more than doubled to 639 million barrels gross, from 299 million previously, which will significantly de-risk the commercial attraction of the field, Gulf Keystone said.
At its Sheikh Adi field, the company said the work on the field development plan is underway and it expects the work to lead to a future re-classification of 2C resources.
Gulf Keystone also said it has identified a new prospect in the north-west of the Sheikh Adi field with 169 barrels of oil gross in prospective resources.
By Sam Unsted; [email protected]; @SamUAtAlliance
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