Gulf Keystone joy at Shaikan-1 flows

Drilling ahead: in Kurdistan

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By News Wires

 05 August 2010 10:40 GMT

Gulf Keystone Petroleum said today that further testing of the Shaikan-1 discovery well in Kurdistan confirmed estimated flow rates of 20,000 barrels per day from one sector of the reservoir, lifting its shares around 7.6%.



Gulf Keystone said test results indicated the well, in Iraq's semi-autonomous Kurdistan region, could ultimately flow at a higher rate.

Shares in Gulf Keystone, which have outperformed the European oil and gas index by 26% since the start of the year and are up 32% in the last month, rose 7.6% percent to 99.5 pence at 0928 GMT, a six month high.

"It confirms their earlier testing because doing one test on an oil field is never enough," Daniel Stewart analyst Richard Nolan told Reuters.

"This is confirmation that Shaikan is, or…

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