OIL EXPLORER Gulf Keystone Petroleum’s share price plummeted nearly 17 per cent yesterday, after an independent review of its reserves in Kurdistan massively undershot expectations.
The Aim-listed company, which hopes to move to the main market on 24 March, said that reserves at the Shaikan oil field equated to 9.38bn barrels of oil, compared to earlier estimates of 13.7bn barrels.
“We see significant upside to this important baseline third party estimate of reserves and contingent resources, which will be targeted through the implementation of the approved Shaikan field development plan in the coming months and years,” said chief executive Todd Kozel in a statement.
The energy company said it remains focused on achieving its target of 40,000 barrels of oil per day in 2013. Shares fell 16.5 per cent, closing at 120.25p.