Shares in GKP Jump Again on Iraq Update

By John Lee.

Shares in Gulf Keystone Petroleum (GKP) gained another 19 percent on Thursday morning, following approval of its Field Development Plan (FDP) for Akri-Bijeel, in which it holds a 20 percent working interest.

The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area. The development will be done in two phases, phase one objective is to allow the Operator to better determine key factors such as the reserves base, recovery factor, optimum surface facility design and overall field development cost.

Phase I will start immediately with 4 drilling rigs and 1 work over rig to help reduce the overall timeline with front-end-loading wherever possible for Phase II.

John Gerstenlauer  (pictured), Chief Executive Officer of Gulf Keystone, commented:

"The approval of the Field Development Plan for the Akri-Bijeel Block is a culmination of years of exploration and appraisal, which will now lead to a development phase and production in due course. It is an important milestone for all stakeholders in the Akri-Bijeel project."

This comes a day after a 14 percent rise in the share price after the company announced a postponement of its interim management statement.

(Sources: GKP, Yahoo!)

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