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8

UK Firm to Explore and Produce Oil In Kurdistan

U.K. listed independent oil company Gulf Keystone Petroleum Ltd.

U.K. listed independent oil company Gulf Keystone Petroleum Ltd. has said it has signed a production sharing contract to explore and produce oil in Iraqi Kurdistan along with a subsidiary of Hungary's MOL Nyrt.

The Shaikan Block covers an area of 283 square kilometers and is described by the Kurdish Regional Government as a low exploration risk area.

A subsidiary of Gulf Keystone will operate and own 75% in the block. Kalegran will have 20% and Texas Keystone 5%.

In addition, MOL was granted operatorship and a 80% stake in the Akri-Bijeel Block, with the Gulf Keystone unit owning the remaining 20%.