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GKP
Monday, November 23, 2009
Gulf Keystone Petroleum flows 10,000 barrels of oil equivalent per day from second test in Triassic Zone
Kurdistan focused exploration and production oil junior, Gulf Keystone Petroleum (AIM: GKP, ADR: GFKSY)(Gulf Keystone) were on the move again this morning after the company reported further results from the hugely successful Shaikan-1 Exploration Well.
Shares in Gulf Keystone rose 3.5% in early deals, and have risen as much a 2500% from their 52 week low of just 5 pence per share. Shares in the company are currently trading hands at around 112 pence, just below the all time high of 124 pence.
The phenomenal share price performance has been driven by the success of the Shaikan-1 Well, where the company today confirmed that it had now reached total depth of 2950 meters in the Triassic Zone.
In the Triassic Zone, Gulf Keystone completed a second test of the zone, and reported production of 6000 barrels of oil per day (bopd) of 53 to 55 degree API oil and 21 million standard cubic feet of gas per day (mmscf/d), or approximately 10,000 barrels of oil equivalent per day (boepd). The company also noted that surface restrictions and down hole tool problems severely limited the first test of the Triassic discovery. Gulf Keystone stated that the test data collected in the first test indicated that the first Triassic zone could have flowed at up to 14,000 boepd.
Taking the first zone analysis in conjunction with the second zone reported today, the company could see production rates of about 24,000 boepd. ..................
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