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MOL partner upgrades oil volumes at shared discovery

Gulf Keystone Petroleum (GKP) on Tuesday announced an upgrade of oil volumes at a discovery it shares with Hungarian peer MOL in the Kurdistan Region of Iraq.

GKP said the revised gross oil-in-place volumes for the Shaikan discovery, as calculated by Dynamic Global Advisors (DGA), an independent Houston-based exploration consultant, are a P90 value of 8bn barrels to a P10 value of 13.4bn barrels of oil-in-place with a mean value of 10.5bn barrels.

This is the second very significant upgrade of the Shaikan resources estimates in 2011 and it revises the previously announced range of 4.9bn to 10.8bn barrels of gross oil-in-place with a mean value of 7.5bn barrels, it added.

GKP holds a 75% working interest in the Shaikan block. MOL indirectly holds a 20% working interest.