Report on MOL Kurdistan license promising
Hungarian oil and gas company MOL today said an update on an expertʼs report on an oil drilling licence it owns in the Kurdistan Region of Iraq had given the operator “greater certainty” of extracting more proved and probable reserves at a lower cost.
The operator of the Shaikan block, Gulf Keystone Petroleum, provided the Competent Personʼs Report update, prepared by ERC Equipoise.
“The operator now has greater certainty in its ability to develop the increased 2P Reserves with fewer wells and reduced capex per barrel,” MOL said.
According to the updated report, proved and probable reserves increased by 114% to 639 mln stock tank barrels gross, it added.
MOL has a 20% stake in the Shaikan block.
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