Gulf Keystone Appoints Advisors to Akri Bijeel Sale

Source: www.gulfoilandgas.com 2/14/2012, Location: Middle East

Shares in Gulf Keystone Petroleum gained another five per cent in morning trading when the AIM-quoted E&P signaled further progress in its plans to monetise its game-changing portfolio of exploration acreage in the Kurdistan Region of Iraq.

The £2.7 billion market cap company has appointed Strand Hanson and Perella Weinberg Partners as joint corporate advisors to handle to sale of its 20 per cent working interest in the MOL-operated Akri-Bijeel block in Kurdistan, where the P50 resource estimate for the Bijell discovery stands at 2.4 billion barrels of oil-in-place with further targets still to be drilled on the acreage.

Operator MOL, which has an 80 per cent interest, has a very busy work programme lined up for Akri-Bijeel. Last month the Aqra-1 appraisal well spudded to assess the Bijell discovery. This will be followed by two exploration wells (Bakrman-1 and Gulak-1) and three additional appraisal wells (Bijell-2, Qalati-1 and Qandagul-1) in 2012 with two further appraisal wells on the books for 2013. An extended well test is planned for the Bijell discovery this year.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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