January 5, 2011
Gulf Keystone Rises After Saying Iraq Well Resources ‘Massive’
Gulf Keystone Resources Plc, the U.K. oil explorer focusing on Iraq, gained as much as 8 percent after reporting that the resources from a well in the northern part of the country are “massive by any standard.”
The shares were up 5.8 percent to 173 pence as of 11:32 a.m. in London. The Shaikan-3 appraisal well found layers of earth that may contain oil volumes in place of 220 million to 2.2 billion barrels, Gulf Keystone said in a statement today.
The company’s stock has more than doubled since July as it aims to increase production from Iraq. Gulf Keystone raised more than 250 million pounds ($390 million) in three share sales to fund drilling. The last was in October at 140 pence a share.
“The Cretaceous resources evaluated by the Shaikan-3 well are massive by any standard,” Gulf Keystone Chief Operating Officer John Gerstenlauer said. “They represent a significant oil resource for Kurdistan and Iraq. It is a further demonstration of the huge hydrocarbon potential of the area.”
Gulf Keystone Rises After Saying Iraq Well Resources ‘Massive’
Gulf Keystone Resources Plc, the U.K. oil explorer focusing on Iraq, gained as much as 8 percent after reporting that the resources from a well in the northern part of the country are “massive by any standard.”
The shares were up 5.8 percent to 173 pence as of 11:32 a.m. in London. The Shaikan-3 appraisal well found layers of earth that may contain oil volumes in place of 220 million to 2.2 billion barrels, Gulf Keystone said in a statement today.
The company’s stock has more than doubled since July as it aims to increase production from Iraq. Gulf Keystone raised more than 250 million pounds ($390 million) in three share sales to fund drilling. The last was in October at 140 pence a share.
“The Cretaceous resources evaluated by the Shaikan-3 well are massive by any standard,” Gulf Keystone Chief Operating Officer John Gerstenlauer said. “They represent a significant oil resource for Kurdistan and Iraq. It is a further demonstration of the huge hydrocarbon potential of the area.”
