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Kurdistan
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About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n Gulf Keystone Petroleum Ld\n07 November 2007\n\nNot for release, publication or distribution in or into jurisdictions other than\n the United Kingdom and Bermuda where to do so would constitute a contravention\n of the relevant laws of such jurisdiction\n\n\n\n\n GULF KEYSTONE PETROLEUM LIMITED\n\n (\"Gulf Keystone\" or the \"Company\")\n\n PRODUCTION SHARING CONTRACT SIGNED WITH \nTHE KURDISTAN REGIONAL GOVERNMENT ON SHAIKAN EXPLORATION BLOCK AND PARTICIPATION \n INTEREST IN AKRI-BIJEEL EXPLORATION BLOCK\n\n\n\nSignature of interest in Shaikan Block\n\n\n\nGulf Keystone Petroleum Limited (AIM: GKP), an independent oil & gas exploration\ncompany, today announces that, in partnership with Kalegran Ltd (\"Kalegran\"), a\nsubsidiary of MOL Hungarian Oil and Gas Public Limited Company (\"MOL\") and Texas\nKeystone Inc. (\"Texas Keystone\"), its subsidiary Gulf Keystone Petroleum\nInternational Limited (\"GKPL\") has signed a Production Sharing Contract (\"PSC\")\nwith the Kurdistan Regional Government (\"KRG\"), for the exploration, development\nand production of hydrocarbon resources in the Shaikan Block in the Dihok area\nof the Kurdistan Region in Northern Iraq. The Shaikan Block is situated\napproximately 85 kms North-West of Erbil and covers an area of 283 square kms.\n\n\n\nThe interests under the PSC are GKPL 75%, Kalegran 20% and Texas Keystone 5%.\nTexas Keystone, a private American exploration and production company, initially\nled the pursuit of opportunities in the Kurdistan Region and participated in the\nsuccessful signature of this PSC for the Shaikan Block. In return for Texas\nKeystone's continuing participation, Gulf Keystone will carry Texas Keystone's\n5% share of initial costs and expenses prior to drilling the first well.\n\n\n\nGKPL will operate the Shaikan Block. The planned work programme includes the\nacquisition, processing and interpretation of 100 kilometres of 2D seismic and\nthe drilling of one exploratory well. The commercial terms of the PSC are in\nline with the terms and conditions published by the Kurdistan Regional\nGovernment on its website.\n\n\n\n\n\nParticipation interest in Akri-Bijeel Block\n\n\n\nIn consideration for introducing Kalegran into the Shaikan partnership, GKPL has\nreceived a 20% interest, on a ground floor basis, in the MOL operated PSC\ncovering the Akri-Bijeel Block. ...