Gulf Keystone Petroleum, a Bermuda-registered company listed on the London Stock Exchange, is the latest oil patch minnow to have struck oil in Iraqi Kurdistan.
The oil junior, which in 2007 was a takeover target for the UAE’s RAK Petroleum, yesterday announced a “significant” discovery with its very first well in the region.
Based on preliminary data, it estimated the size of the discovery at between 300 million and 500 million barrels of oil in the ground.
That is by no means huge by Iraqi standards, but it is another indication of the country’s potential as a source of substantial new oil and natural gas reserves that are relatively easy to produce. Underexplored parts of the country such as Kurdistan, the semiautonomous northeastern region of Iraq, are especially rich in prospects.
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