31.12.69
Iraqi Kurdistan operating explorer Breach Keystone Petroleum ( LON:GKP ) again was at the centre of attention in the oil and gas sector today after agent Fox-Davies lifted its target price to 320 pence.
Proactive Investors dedicated one of today’s mere stories to the broker note, which said Gulf Keystone’s most modern operational update highlighted the potential of its Shaikan prospect in Kurdistan.
Rumours of a bid have swirled around the troop in recent weeks, making the shares extremely volatile, but the latest update also underlined Shaikan’s prospectivity, said the intermediary.
Each successive test of the Shaikan structure has produced improved results, said Fox-Davies.
Shaikan – 4’s fall test results indicated that flow rates from individual horizons are in glut of initial expectations and that comingled flow rates will exceed 14 million barrels per day.
“With the latest plenty test being focused on a previously untested reservoir horizon (in the Sargelu organization) and appraisal wells Shaikan – 5 & 6 and reconnaissance well Shaikan – 7 aiming to test the deepest awaited undrilled horizons of the Shaikan structure all currently in progress, the space for further upgrades is significant,” Fox-Davies said.
Source: Proactive Investors USA & Canada