Business
Shaikan Production and Sales Update
Shaikan Production and Sales Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 0929T Gulf Keystone Petroleum Ltd. 01 October 2014 \n \n\n \nNot for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.\n \n \n \n \n \n \n \n1 October 2014\n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n \nShaikan Production and Sales Update\nGulf 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. \nThe Company remains focused on achieving the target of 40,000 barrels of oil per day (\"bopd\") of production capacity from the Shaikan production facilities (\"PF-1\" and \"PF-2\") in line with our Half Year Report schedule published on 28 August 2014. The Company's staffing levels in the Kurdistan Region, including all key international contractors, returned to normal in the first half of September.\nIn the period since 28 August 2014, Shaikan PF-1 and PF-2 production has been achieving stable rates of approximately 23,000 gross bopd from three wells at PF-1 and two wells at PF-2. The work on the flowlines to connect additional production wells, Shaikan-7, -8 and -10 later in 2014 is on-going. \nTrucking operations from PF-1 and PF-2 continue with approximately 70% of the current production trucked as export crude oil to the Turkish port of Dortyol and sold to the international market by Powertrans, an authorised transportation and marketing agent of the Kurdistan Regional Government's Ministry of Natural Resources (\"KRG\" and \"MNR\"). Seventeen cargoes totalling approximately 4.0 million gross barrels of Shaikan crude oil have been sold to the international market since the Shaikan crude oil export sales began from Dortyol in January 2...