Oil & Gas Corporate News
Gulf Keystone PLC (BUY, 275p) (GKP LN,133.25p, ? 0.76%) today announced a major upgrade of the gross oil-in-place volumes for the Shaikan discovery in the Kurdistan Region of Iraq. The revised gross oil-in-place volumes for the Shaikan discovery, as calculated by Dynamic Global Advisors (DGA), are a P90 value of 8 billion barrels to a P10 value of 13.4 billion barrels of oil-in-place with a mean value of 10.5 billion barrels. This is the second very significant upgrade of the Shaikan resources estimates in 2011 and it revises the previously announced range of 4.9 to 10.8 billion barrels of gross oil-in-place with a mean value of 7.5 billion barrels. This upgrade is based on the data acquired since the last resource evaluation of the Shaikan discovery by DGA issued in April 2011 and is a third successive upward revision by DGA since the Shaikan discovery was announced in August 2009. DGA's latest estimates are an evidence of the progressive evolution of the understanding of the Shaikan field and of the increased certainty in the continuously improving resource estimates. DGA's conclusions are based on the new data acquired as a result of preliminary results from the Shaikan-4 appraisal well, results of the processing and interpretation of the 3D seismic data acquired, a new Triassic discovery made with the Shaikan-2 appraisal well in the Kurre Chine C zone, and an extended well test production from Shaikan-1 and Shaikan-3. Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.
Cairn Energy (LON:CNE) PLC (CNE LN, 296.90p, ? 3.05%) today announced that operations on its current five well exploration drilling campaign offshore Greenland will continue to the end of November to allow activities on the last two wells in the Atammik block to complete. The AT7-1 Well in the Atammik block is being drilled by the Leiv Eiriksson. The well has encountered a 113m gross interval with approximately 50m of reservoir quality sands of Cretaceous age. The Ocean Rig Corcovado is currently operating on the AT2-1 well, the fifth well in the 2011 exploration drilling campaign. The well has…
