MOL, Gulf Keystone Hand Back Akri-Bijeel Stake to KRG

Source: www.gulfoilandgas.com 1/11/2016, Location: Middle East

Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq, is making reference to announcement by MOL Hungarian Oil and Gas Plc., operator of the Akri-Bijeel Block, regarding the relinquishment of the licence:
"MOL Hungarian Oil and Gas Plc. hereby informs capital market participants that, in agreement with its Partners Gulf Keystone Petroleum and the Kurdistan Regional Government's Ministry of Natural Resources, it has decided to relinquish the Akri-Bijeel Block in the Kurdistan Region of Iraq.

The decision is based on a comprehensive assessment of the block potential and follows the communication made in MOL's Third Quarter Interim Management Report (November 6, 2015). MOL and Gulf Keystone Petroleum, as Contractor Entities, signed the Relinquishment and Termination Agreement of the Production Sharing Contract on 31 December 2015.

MOL Group remains committed to maximize the value of its investments in the Kurdistan Region of Iraq, among others in the Shaikan Block."

Commenting on today's announcement, Jon Ferrier, CEO, said:
"As the operator of the Shaikan Block, we continue to focus on this flagship producing asset in cooperation with our partners in the Kurdistan Region. We ended the year with stable average daily production rates of above 36,000 barrels of oil per day in December and we started 2016 with receipt of the fourth consecutive monthly payment for December Shaikan crude oil export sales."

"We continue to exercise the highest financial discipline across the organisation, whilst maintaining safe and reliable operations."


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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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