Gulf Keystone Confirms Akri-Bijeel Block Has Been Declared Commercial
Gulf Keystone Petroleum Limited, an independent exploration and production operator, confirmed Friday that Kalegran Ltd., a 100 percent subsidiary of Hungarian oil and gas firm MOL Plc. and operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq on behalf of the contractor (Kalegran Ltd. with 80 percent working interest and Gulf Keystone Petroleum International Limited with 20 percent working interest), has declared the Akri-Bijeel Block commercial.
The full announcement from MOL Plc. is reproduced in full below:
Budapest, Oct. 31
Commercial discovery declaration and acceleration of work program on the Akri-Bijeel Block
MOL Plc. hereby informs the capital market participants that Kalegran Ltd. (a 100 percent subsidiary of MOL), as operator on behalf of the contractor (comprising Kalegran and Gulf Keystone Petroleum International Limited) officially declared the Akri Bijeel Block commercial based on the discoveries made by Bijell-1 well in Jurassic horizons and Bakrman-1 well in Triassic horizon. MOL is accelerating its work program through employing additional rigs and plans to submit the Field Development Plan for the whole block by the end of 2014.
Please find below an update on its ongoing work programs in the Akri-Bijeel block, Kurdistan, which is operated by Kalegran Ltd.
Alexander Dodds, executive vice president for Upstream commented: "MOL is pleased to announce commerciality on the Akri-Bijeel block after recent successful long term tests in our Bakrman discovery. Meanwhile, in the Bijell area we identified the potential to accelerate the work program and increase the number of rigs in order to finalize the appraisal activity as soon as possible and maximize EWT production during 2014. This declaration is another milestone in the fruitful relationship with KRG which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities."
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