Gulf Keystone Petroleum Ltd - operator of the Shaikan Field, one of the largest developments in the Kurdistan region of Iraq - Reports consistent increase in local sales from Shaikan field. Sales rise to currently 33,000 barrels of oil per day from 28,800 between September 1 and 24. They are up from 17,200 bopd in August and 4,900 bopd in July. Realised prices have continued to average around USD30 per barrel, which is in line with local pricing. "Following recent agreements with buyers, GKP has ceased trucking operations and is injecting all crude sales into the pipeline for transportation to a local refinery in Kurdistan. The company is receiving advance payments into its UK bank account for its net entitlement of 36% of gross sales revenue," Gulf Keystone says.
Current stock price: 112.40 pence, up 12% on Monday
12-month change: down 43%
By Tom Budszus, Alliance News reporter
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Gulf Keystone Petroleum (GKP)