Business
2009 Results Announcement
2009 Results Announcement.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 1394N Gulf Keystone Petroleum Ltd 07 June 2010 \n \n\nNot for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.\n \n7 June 2010\n \nGulf Keystone Petroleum Ltd. \n(\"GKP\", \"Gulf Keystone\" or \"the Company\")\n \n \n2009 Results Announcement\n \nGulf Keystone Petroleum Limited (AIM: GKP; ADR: GFKSY) today announces its results for the year ended 31 December 2009.\n \n \nHighlights\n \n· First exploration well in Kurdistan, Shaikan-1, announced as a major discovery\n \n· Diversified the asset base in Kurdistan with the addition of two new Production Sharing Contracts (\"PSCs\"), Sheikh Adi and Ber Bahr\n \n· Second exploration well in Kurdistan, Bijeel-1, spudded on 11 December 2009\n \n· Strategic decision to exit Algeria through the sale of assets leading to eventual country exit anticipated to occur in 2010\n \n· Issue of 121.9 million shares to raise $35.7 million of new funds during 2009\n \n \nRecent / Upcoming Events\n \n· Independent report assesses oil in place resources on Shaikan in the 1.9 (P90) billion barrels to 7.4 (P10) billion barrels range with further significant upside\n \n· Bijeel-1 well announced as a discovery with 3,200 barrels of oil per day produced on test and with operations still ongoing as of June 2010 \n \n· Reorganisation of assets in Kurdistan leading to an enhanced position in the Company's existing PSCs, subject to final documentation\n \n· Issue of 182.2 million shares to raise approximately $200 million of new funds including a recent placing with institutions raising $165 million\n \n· Major Kurdistan work programme which includes three appraisal wells on Shaikan and the first exploration well on Sheikh Adi\n \n· $15.6 million bank guarantee exercised in favour of Sonatrach in May 201...