10th Oct 2013 07:50
LONDON (Alliance News) - Gulf Keystone Petroleum Limited Thursday said that it has began commercial production from its Shaikan field in the Kurdistan Region of Iraq.
The company is a relatively small producer compared to some of the oil majors that have moved into Kurdistan since the end of the second Iraq war. However, it has been growing quickly and in June was cleared by Kurdish authorities to start production.
The company announced on September 19 that it has hired Deutsche Bank to assist with its move to the main market of the London Stock Exchange from AIM, by the end of the year, as it forecasts that it will be producing up to 40,000 barrels of oil a day from its Shaikan field in by the end of the year.
Gulf Keystone shares were up 4.7% to 179.75 pence in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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