Gulf Keystone excited by 'imminent' test production

13th Sep 2010 08:23

Kurdistan-focused oil explorer Gulf Keystone trimmed interim losses thanks to a foreign exchange gain and expects the first test production from Shaikan-1 "in the coming weeks".Losses after tax for the six months ended 30 June dropped to $3.1m from $5.6m a year earlier, and cash ballooned to $161.7m from $16.7m following May's $165m (£114m) fundraising at 75p a share. "2010 has seen an unprecedented level of activity for Gulf Keystone. Our extensive drilling programme is aimed at proving up last year's immense discovery, and we look forward to the first test production from Shaikan-1 in the coming weeks," said executive chairman and CEO Todd Kozel. Gulf says it will take a few months to reach a steady oil rate from the testing of Shaikan-1, but the first deliveries of test production for sale are "imminent and greatly anticipated" and will further boost the company's finances.