Gulf Keystone Petroleum Confirms Ber Bahr-1 Is Commercial Discovery

Gulf Keystone Petroleum Confirms Ber Bahr-1 Is Commercial Discovery

Onshore oil installationGulf Keystone Petroleum (LON:GKP) and Genel Energy (LON:GENL) confirmed this morning that the side tracked Ber Bahr-1 exploration well is a commercial discovery.

The original well failed to flow, but in tests lasting several days, the side tracked well has test flowed 2,100 bopd of light oil. Gulf Keystone has a 40% stake in Ber Bahr, as does Genel, which operates the block. The remaining 20% is owned by the Kurdistan Regional Government, through its 20% interest in the Ber Bahr Production Sharing Contract (PSC).

The success of Ber Bahr adds to Kurdistan’s credibility as one of the world’s next big oil-producing regions, as long as the Kurdistan Regional Government, the Iraqi central government and the Turkish government can come to a sensible agreement about export contracts…

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