GKP Falls on Spending Concerns

Sheikh Adi Block (80% working interest; Operator)

  • Further to the approval of the programme to appraise Jurassic targets and evaluate the Triassic upside, construction of the drilling location for the Sheikh Adi-3 appraisal well is ongoing
  • Acquisition of 70km of additional 2D seismic data has been completed

Ber Bahr Block (40% working interest)

  • Further to the successful side-track of the original Ber Bahr-1 exploration well in May 2013, the operator’s estimates of recoverable reserves are between 50 and 100 million barrels
  • Appraisal and early production expected in 2014
  • Following the new Triassic oil discovery in January 2013, Bakrman-1 is being side-tracked after an extended well test in the Triassic formation on the Bakrman structure; initial results indicate a significant reservoir
  • Commissioning of an extended well test (“EWT”) facility for the Bijell discovery is awaiting the completion of the Bijell-1 discovery well as a producer
  • Drilling of two additional appraisal wells Bijell-7 and Bijell-2 is ongoing
  • Sale process of the Company’s 20% working interest in the Akri-Bijeel block continues

Financial – as at 30 June 2013 and post period end

  • Loss after tax: $26.4 million (2012: $31.4 million)
  • Loss per share: $0.03 (2012: $0.04)
  • As at 30 June 2013, cash and cash equivalents: $141.2 million (30 June 2012: $130.4 million, 31 December 2012: $253.7 million). As at 16 September 2013, cash and cash equivalents: $101.2 million
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