Gulf Keystone sinks into the red
UK-listed Gulf Keystone Petroleum reported a net loss of $30 million for the
12 months ending in December compared to a profit of $46.3 million in 2006.
The outfit incurred a charge of $20.6 million as a result of an impairment
test on Block 126a in Northern Algeria after it failed to find commercial
levels of hydrocarbons.
The Algerian and Kurdistan focused oil and gas explorer said it is now
entitled to revenues from Block 126 and it is expected that this will allow
the development of these fields to be self financing.
Meanwhile, the independent’s 2D seismic shoot over the Shaikan Block in the
Kurdish region of Iraq has been wrapped up and the company plans to drill an
exploration well as soon as a drilling rig can be contracted.
Total revenues for the year ending in December hit $5.4 million.
08 May 2008 08:02 GMT
| last updated:
08 May 2008 08:07 GMT
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