Development and Appraisal
- Appraisal of the Sheikh Adi discovery is ongoing with Sheikh Adi-3 currently drilling ahead at 2,150 metres after having experienced some mechanical difficulties.
- Early production from the Bijell Extended Well Test Facility on the Akri-Bijeel block commenced in March 2014 expected to ramp-up to 10,000 bopd by the end of 2014.
- Field Development Plan for the Bijell and Bakrman discoveries on the Akri-Bijell block has been submitted to the Kurdistan Regional Government's Ministry of Natural Resources by MOL Hungarian Oil & Gas plc, the operator.
- Appraisal of the Bijell and Bakrman discoveries is ongoing with wells operating at Bijell-2, -4, -6 and Bakrman-2 respectively.
Finance
- Successful debt offering of US$250 million in three-year senior unsecured notes due April 2017, privately placed in accordance with Reg S/144A with institutional investors in Europe, the US and Asia.
- As of 30 April 2014, cash, cash equivalents and liquid investments of approximately US$270 million.
Corporate
- Mr Chris Garrett retired from his position as the Company's Vice President Operations after 10 years with Gulf Keystone. Mr John Stafford, previously Geology and Geophysics Manager, has been appointed Vice President Operations effective 3 May 2014.
- Gulf Keystone's Annual General Meeting will be held on 17 July 2014 in Paris, France.
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