Recommendations » UK
Gulf Keystone Petroleum (LON:GKP.L) report: Share placing
March 15, 2010, Monday, 13:26 GMT | 09:26 EST | 18:56 IST | 21:26 SGT
By Daniel Stewart & Co
- The company has placed 20.9m shares at 76.5p to raise c. ?16m
- The company says that further funding will be required through out the course of 2010 and it is considering its best funding strategy
- Proceeds are to be used for 3D seismic work over Shaikan in Q1 2010 and if Sheikh Adi is successful seismic on that structure as well
- GKP plans a long term extended well test on Shaikan-1 for 18-24 months which will provide an estimated 8-10,000 b/d into the domestic Kurdistan market
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