Gulf Keystone positive for 2015

 
Caitlin Morrison
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SHARES in oil firm Gulf Keystone Petroleum fell by 3.33 per cent yesterday, following a trading update which revealed that its Shaikan operation is producing oil from seven wells, with an eighth expected to come online later this month.

The update also revealed that daily production has been increasing since early December 2014, and reached the company’s target of 40,000 gross barrels of oil per day on 27 December.

John Gerstenlauer, Gulf Keystone’s chief executive, commented: “We are pleased to begin 2015 on the back of a positive end to last year, having achieved the company’s record daily production and crude oil export sales rates from the Shaikan field.” He added that, while 2014 “was not without its challenges for the Kurdistan Region”, the company was “proud of what has been achieved against this backdrop”.

Malcolm Graham-Wood, analyst at HydroCarbon Capital, said the achievements of the past year meant Gulf Keystone “can go on to setting and delivering on higher and sustainable targets”.

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