30th Oct 2014 08:45
LONDON (Alliance News) - Shares in Gulf Keystone Petroleum Ltd rose in early trade on Thursday following government approval for development the Akri-Bijeel block in the Kurdistan region of Iraq.
Gulf Keystone noted the statement published by MOL PLC, the operator of the Akri-Bijeel block, that the Minister for Natural Resources in Kurdistan has approval the field development plan for the site.
Gulf Keystone has a 20% interest in the block.
Phase 1 of the drilling programme is set to start immediately, with four drilling rigs and one workover rig to be dispatched to the site.
"The approval of the field development plan for the Akri-Bijeel block is a culmination of years of exploration and appraisal, which will now lead to a development phase and production in due course. It is an important milestone for all stakeholders in the Akri-Bijeel project," said Gulf Keystone Chief Executive Officer John Gerstenlauer.
Gulf Keystone shares were up 15% to 73.40 pence on the back of the news, making it one of the best performers on the London market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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