Gulf Keystone bags £109m to drill Kurdistan

18th Oct 2010 07:48

Gulf Keystone Petroleum has raised £109.24m from a placing to help speed up its drilling programme in Kurdistan.There was no shortage of takers as the fundraising was oversubscribed. Just over 78m shares were bought by existing shareholders for 140p each. Money will be spent on contracting a third Gulf Keystone-operated deep drilling rig and making sure three rigs are contracted to the company until the Shaikan field is fully appraised, expected by the end of the first half of 2012.It will also allow Shaikan- 5, Shaikan-6 and Shaikan-7 wells to be added to the drilling programme as well as drilling of the previously delayed Shaikan-2 and Shaikan-4 wells."With access to a third dedicated drilling rig, we will now be able to complete the appraisal drilling campaign earlier than previously envisaged," said executive chairman Todd Kozel. "Furthermore, we are looking forward to continuing our exploration work across the Ber Bahr and Akri-Bijeel Blocks, whilst also enjoying the financial flexibility to be able to move quickly should other opportunities arise."