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Gulf Keystone rises most in month on Kurdistan output estimate

NIDAA BAKHSH

HAMILTON, Bermuda (Bloomberg) -- Gulf Keystone Petroleum Ltd., an oil producer in Iraq’s Kurdistan region, gained the most in almost a month after saying production from its key asset was proceeding as planned.

The company advanced as much as 6.3%, the most since May 15, to 85 pence in London trading and was at 82.75 pence at 11:41 a.m. local time.

Gulf Keystone expects production from Shaikan to rise to 40,000 bopd by the end of the year, Hamilton, Bermuda-based Gulf Keystone said in a statement. The shares had lost 14% this week through yesterday, June 12, amid concern violent unrest in Iraq could spread toward Kurdistan.

The company’s operations “are progressing in line with our previous guidance, whilst we remain alert to the current security situation in Iraq, which has recently escalated outside the Kurdistan region,” Todd Kozel, CEO, said in the statement.

Eight cargoes have so far been sold into the international market, it said.

06/13/2014

 

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