The company currently has exploration and appraisal rights over eight blocks and two producing fields totalling approximately 27,000 square kilometres in the Republic of Algeria. Gulf Keystone has operated in Algeria since 2001 and has in-depth knowledge of the country's local culture and political and operating environments.
In January 2007, BG Group farmed into the HBH licence in Algeria and assumed the role of operator. During 2007, 2,047 kilometres of 2D seismic and 533 square kilometres of 3D seismic was acquired on the HBH licence area. In 2008, GKP and its partners will drill six wells on the HBH licence in Algeria.
In January 2008, the company received Development Plan approval for the GKN and GKS oil fields triggering an entitlement to a share of production effective from 10 October 2007. This is a first for Gulf Keystone marking our evolution into an exploration and production company.
In November 2007, Gulf Keystone diversified out of its 100% Algeria focussed position and secured interests in two production sharing contracts in the Kurdistan Region of Northern Iraq. GKP holds an 80% interest in the Shaikan Block, for which it is the operator, and a 20% interest in the Akri-Bijeel Block for which MOL Hungarian Oil and Gas Public Company Limited is the operator.
