Kurdistan
In November 2007, Gulf Keystone and its partner, MOL Hungarian Oil and Gas Public Company Limited (“MOL”) were awarded interests in two blocks in Kurdistan.
The Shaikan Block is situated approximately 90 kilometres north-west of Erbil and covers an area of 283 square kilometers. The interests under the PSC are Gulf Keystone 75% (operator), MOL 20% and Texas Keystone 5%. Gulf Keystone will carry Texas Keystone’s 5% share of initial costs and expenses prior to drilling the first well.
A total of 171 kilometres of 2D seismic has been acquired on the Shaikan block which is now being processed.
The Akri-Bijeel block is adjacent to the Shaikan Block. The interests in this PSC are MOL 80% (operator) and Gulf Keystone 20%. The partners expect to begin an extensive 2D seismic programme on the Akri-Bijeel Block in the second quarter of 2008 to assess the exploration potential of the Block.
