OIL AND gas explorer Gulf Keystone yesterday announced that annual pre-tax losses had widened to £80.2m, but it expects to significantly ramp up production by the end of the year.
The Kurdistan-focused company said that it hopes to obtain government approval for a new oil field and move to large-scale development this year.
The firm is also looking to move from Aim to the standard segment of the main market, with a subsequent move to the premium segment.
“We are fully funded for our current work programme for 2013 and believe that Gulf Keystone is well positioned to realise the full potential of our multi-billion barrel resources,” said executive chairman and chief executive Todd F Kozel.
Gulf Keystone’s shares closed four per cent down at 145.50p.