Gulf Keystone Petroleum Ltd. Kurdistan Operational Update (8392Z)
16 December 2014 - 6:00PM
UK Regulatory
TIDMGKP
RNS Number : 8392Z
Gulf Keystone Petroleum Ltd.
16 December 2014
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information contained herein) does not contain or constitute an
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16 December 2014
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Kurdistan Operational Update
Gulf Keystone Petroleum Limited, an exploration and production
company with operations in the Kurdistan Region of Iraq, today
provides an update on the Company's operations at Shaikan, its key
producing asset.
The Company is pleased to announce the completion of the
installation of the flowlines to connect the Shaikan-7, -8, and -10
wells to the existing production facilities ("PF-1" and "PF-2").
The Shaikan-7 and -8 wells are now tied to PF-1 and Shaikan-10 to
PF-2. The flowlines are currently being hydro-tested and first oil
is expected to flow to the production facilities in December.
With the addition of the three new producers, the current total
production levels of between 23,000 and 25,000 gross bopd will
increase to 40,000 gross bopd.
An amine plant is currently being tested at PF-2, to be followed
by the similar plant at PF-1 in early 2015. The amine plants will
sweeten the associated gas stream, allowing it to be used as fuel
for the production facilities instead of diesel, representing
savings of up to US$400,000 per month to the project.
A rig package is moving to a location in the vicinity of
Shaikan-10 in order to drill Shaikan-11, an additional producer. An
11 km flowline to tie this well to PF-2 has already been laid.
Shaikan crude oil exports by truck to the Turkish coast continue
uninterrupted.
John Gerstenlauer, Gulf Keystone's Chief Executive Officer
commented:
"Despite numerous challenges earlier this year, Gulf Keystone
has completed the work on the three additional producers on time.
We are now testing the flowline connections, including an 11 km
link between Shaikan-10 and PF-2, and look forward to boosting
Shaikan production to our near-term target of 40,000 bopd. I would
like to thank our entire team in the Kurdistan Region, which today
includes over 300 employees and contractors, for their effort and
diligent delivery in the area of construction, production and crude
oil export sales."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
John Gerstenlauer, Chief Executive
Officer
Anastasia Vvedenskaya, Head of +44 (0) 20 7514 1411
Investor Relations +44 (0) 77 1406 1410
Media Relations and Financial
PR Adviser: +44 (0)20 7520 9266
Mark Antelme
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil
and gas exploration, development and production company focused on
exploration in the Kurdistan Region of Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for four exploration blocks in Kurdistan, the
Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
-- GKPI is the operator of the Shaikan Block, which is a major
commercial discovery, with a working interest of 75% and is
partnered with MOL Kalegran Limited (a 100% subsidiary of MOL
Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have
working interests of 20% and 5% respectively. Texas Keystone Inc.
holds its interest in trust for Gulf Keystone, pending transfer of
its interest to the Company.
-- Gulf Keystone is moving into the large-scale phased
development of the Shaikan field targeting 100,000 bopd of
production capacity during Phase 1 of the Shaikan Field Development
Plan following its approval in June 2013.
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's Directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This communication and the information contained herein is not
an offer of securities for sale in the United States. Securities
may not be offered or sold in the United States unless they are
registered or are exempt from registration. Any public offering of
securities to be made in the United States would be made by means
of a prospectus that would contain detailed information about the
company and its management, as well as financial statements. The
company does not intend to register any portion of this offering in
the United States or to conduct a public offering in the United
States or any other jurisdiction. Any public offering of securities
to be made in the United States would be made by means of a
prospectus that would contain detailed information about the
Company and its management, as well as financial statements. Copies
of this communication are not being, and should not be, distributed
in or sent into the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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