7th Aug 2014 11:30
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd Thursday said its operations in the Kurdistan region of Iraq, including ongoing production and trucking operations at both of its Shaikan facilities, remain safe and secure.
The oil and gas explorer and developer said it continues to monitor the situation in the are closely and has increased security as a precaution, but said there is no immediate threat to any operations.
In June, the company said it was monitoring the crisis but its operations in Kurdistan were progressing in line with its previous guidance to reach 20,000 gross barrels of production by the end of the second quarter of 2014.
The company said at the time that its Shaikan PF-1 production facility continued to operate at stable rates of 16,000 gross barrels per day from three wells, and should increase to 20,000 later in 2014.
Gulf Keystone's Shaikan PF-2 production facility has been fully commissioned and production operations have started from two wells, Shaikan-5 and Shaikan-2.
Iraq is facing a crisis as insurgents from a group called the Islamic State in Iraq and the Levant have taken control of the major Iraqi cities of Mosul and Tikrit.
Kurdish forces, known as the Peshmerga, have been fighting the ISIL advance in the north for weeks.
On Thursday, the company said its results for the quarter ended June 30 will be released on August 28.
Gulf Keystone shares were down 8.0% to 70.87 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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