Keystone in lift from Kurdistan

OIL and gas explorer Gulf Keystone Petroleum yesterday raised its estimates for reserves at its Shaikan prospect in Kurdistan.

It is estimated that the site holds up to 13.4bn barrels of oil, up from the previous prediction of 10.8bn barrels. Shares in the company went up eight per cent after the announcement. Evolution Securities analyst Richard Griffith said in a note: “The increase is further confirmation of the world class discovery at Shaikan.”

The brokerage has an “add” rating and price target of 210 pence on the stock.