Gulf Keystone says Akri-Bijeel field declared commercial

1st Nov 2013 13:55

Gulf Keystone Petroleum said the Akri-Bijeel block in the Kurdistan region of Iraq had been declared commercial. Kalegran, a 100% owned subsidiary of Hungarian group MOL and the operator of the field, made the declaration based on the discoveries made by the Bijell-1 well and Bakrman-1 well.MOL said it was accelerating its work program by employing additional rigs and it planned to submit the field development plan for the whole block by the end of 2014. Kalegran and Gulf Keystone are the contractors on the block with Kalegran holding a 80% working interest and Gulf Keystone a 20% working interestShares in Gulf Keystone were unchanged at 174p each at 14:15 on Friday. TB