Q. What is the duration of the Shaikan licence in Kurdistan and does this timeframe allow for the extraction of the quantities of hydrocarbons discovered?
A. Shaikan does not yet have a development plan so the period of time required to extract the hydrocarbons has not yet been estimated. However, a rule of thumb is 10% to 15% per year of remaining developed reserves. The development period lasts for 20 years from declaration of a commercial discovery with an automatic extension of 5 years. The licence duration could be extended but would be subject to negotiation and agreement with the Kurdistan Regional Government.
Q. Have there been any developments with regard to the Algerian sale?
A. Gulf Keystone will update the market with a formal announcement through the London Stock Exchange as and when there are any reportable developments regarding Algeria.
Q. Has Gulf Keystone moved any nearer to funding the work programme for 2010 and beyond?
A. Gulf Keystone has set out an ambitious work programme and is in consultation with its advisors on the best course of action to fund its planned 2010 activities. Slide 25 of the Gulf Keystone ‘Corporate Presentation November 2009’ which is available on the Company's website details current thinking.
Q. What determines the share price of the Company?
A. The share price of the Company reflects supply and demand for the shares at any particular time.
Q. Does the management of Gulf Keystone have any ownership of ETAMIC?
A. The directors and management of Gulf Keystone do not have a direct or indirect ownership of ETAMIC.
Q. Why does Gulf Keystone hold its AGMs outside of the UK?
A. Gulf Keystone is a Bermudan registered company and has always held AGMs, Board Meetings and other similar forum outside of the UK and will continue to do so in the future.