Suddenly I have realised that I consider that Gulk Keystone Petroleum (GKP) is now the most bullish share in my portfolio and the only one that I want to buy irrespective of the resistance / support level; and that my dear friends is a considerable statement to make in these troubled and scary market conditions !!
The recent RNS below is another fantastic set of news providing more evidence of the considerable oil reserves of this company. The price it seems to me can only be so subdued because of the overall state of the market and this has huge potential to treble, quadruple or more once Autumn comes along and stability will return to the market place.
These are my views, but do you agree? Let me know.
Read the statement of GKP below:
Kurdistan Operational Update – Shaikan-2 Triassic Discovery
Gulf Keystone announces today that it has made a new Triassic discovery with the Shaikan-2 Appraisal Well, drilled approximately nine km to the south-east of the Shaikan-1 discovery well in the Kurdistan Region of Iraq.
Gulf Keystone has completed drilling of the Shaikan-2 Appraisal Well to a TD (total depth) of 3,300 meters in the middle Triassic, following which a flow test has been performed in the newly discovered Kurre Chine C zone over a 80 meter interval (3,195m to 3,275m). This new zone is highly pressured and correlates with the high pressure zone penetrated at the bottom of Shaikan-1.
The Kurre Chine C flow test in Shaikan-2 has achieved variable flow rates up to a maximum recorded rate of 4,450 barrels of 36 degree API oil per day with associated gas of 813,000 scf per day through a 36/64″ choke.
After success with this first test, the Company plans to continue with its programme of Shaikan-2 testing in the Triassic and Jurassic.
The Company has a 75 percent working interest in the Shaikan block and is partnered with the MOL subsidiary, Kalegran Ltd., and Texas Keystone Inc. which have the remaining 20 and 5 percent working interests respectively.
John Gerstenlauer, Gulf Keystone’s Chief Operating Officer commented:
“The new Triassic discovery is yet another chapter in our Shaikan success story. As a result of these successful Shaikan-2 well test results, oil volumes that will eventually be attributed to this zone, will be in addition to the already impressive 4.86 to 10.8 billion barrels of gross oil-in-place already discovered in the Shaikan field.”