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Good progress in Iraqi Kurdistan for Gulf
Keystone
16.6.2011
By Fiona Bond |
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May
16, 2011
Gulf Keystone Petroleum (GKP) has made good progress
in its plans to export 5,000 barrels of oil per day
(bopd) from its Kurdistan operations, it announced
on Tuesday.
The AIM-listed oil and gas exploration and
production company is currently in the commissioning
phase of the campaign from its extended well test
facility close to Shaikan-1 and Shaikan-3.
The commissioning phase, involving final
preparations, customary checks and tests on all
elements of the process, is underway to allow the
company to steadily ramp up export volumes to 5,000
bopd, with an eight-month target of over 10,000 bopd.
To date, just over 3,700 barrels of oil have been
delivered to the storage tank facilities at the
export pipeline injection point.
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An employee works at oil fields in the
semiautonomous Kurdish region in Iraq's north.
Photo: Getty Images |
Prior to the beginning
the commissioning phase, the storage tank at the
facility was emptied of around 21,000 barrels of
oil, which it has since sold to the domestic market.
In May, Gulf Keystone announced that the Kurdistan
Regional Government had asked it to begin initial
exports from its site, which it hailed as "an
extremely positive development for all the oil
producers in the Kurdistan region of Iraq".
Chief operating officer John Gerstenlauer commented:
"Gulf Keystone is making good progress toward
commencing oil exports from our Shaikan facilities
at the initial intended rate of 5,000 bopd following
the current commissioning phase.
"We look forward to delivering stabilised export
volumes of Shaikan crude for shipment via the
Kirkuk-Ceyhan pipeline."
News of its progress in Kurdistan came as it was
revealed that one of the company's largest
shareholders transferred in excess of 11 million
shares to chief executive Todd Kozel - without his
knowledge.
In an announcement made on Monday, the company said
it had "examined changes" in the share register for
the month of May and found that Kozel had been given
the 11.6 million shares.
A further four million shares were given to Ali Al-Qabandi,
the business development director, while 20.4
million shares were transferred to United Arab
Emirates company Gibca.
The shares were transferred from Gulf Keystone
Petroleum LLC, which previously held 40 million
shares, representing a 5.25% interest in the
company.
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