Upgraded to Probable Takeover from Possible
Gulf Keystone Petroleum Ltd (GKP.L) said on Monday it found additional oil in an Iraqi well, sending the oil and gas explorer’s shares up 7.8 percent this morning to 125p and resting at around 107p throughout the day.
The new Triassic discovery flowed at 10,000 barrels of oil equivalent (boe) per day and the section currently shows potential aggregate rates of about 24,000 boe per day, the company said. In layman’s terms – more oil!
Gulf Keystone, the field’s operator and majority owner, said the Jurassic and Triassic tests in the well have so far resulted in an aggregate actual test rate of 20,000 boe per day.
Further interest is bound to pick up over the next few days – this news has taken fund managers targets to 175p short term and buy out price of between £3 and £5. Not bad for a share that was 20p in March.