Gulf Keystone Petroleum has announced the release of an updated competent person's report - an independent third-party audit of the company's reserves at 30 June.
The CPR was again prepared by ERC Equipoise and revises and updates the previous report dated September 2015.
- With 12.4 million barrels produced in the period since the previous CPR, gross Shaikan 2P Reserves are effectively unchanged at 622 million barrels of oil
- GKP's net working interest Shaikan 2P Reserves have increased from 348 million barrels of oil to 360 million barrels, now reported on a 58% working interest basis subject to execution and consummation of the Second Amendment to the Shaikan Production Sharing Contract ("Second Shaikan Amendment"), as envisaged by the Bilateral Agreement between the Company and the MNR announced on 17 March 2016
- Inclusive of 2C Contingent Resources and Technically Recoverable Volumes, Shaikan has over 1 billion barrels of oil remaining
- With over 25 million barrels produced to date, the Company now has an increasingly confident understanding of the reservoir
- No unexpected changes in reservoir behaviour have been observed, demonstrating the stable and predictable performance of the field
- Contingent Resources totals now exclude volumes previously reported for the relinquished Sheikh Adi and Ber Bahr blocks
Chief executive Jon Ferrier said: "With cumulative production now totalling more than 25 million barrels, we have continued to build on our understanding of the field's characteristics.
"This updated CPR, prepared as part of the Company's Restructuring, is highly positive as it reiterates our assumptions of last year about the quality of the Shaikan field, and reinforces its prominent position in the region. We thank the Kurdistan Regional Government's Ministry of Natural Resources for their ongoing support.
"Our near term objective of restructuring the Company's balance sheet continues to be our primary focus, following which we will be armed with the leadership, knowledge, technical capability and funding to work with our partners to realise the field's full potential."
At 2:45pm: (LON:GKP) Gulf Keystone Petroleum share price was -1.23p at 3.61p