Gulf Keystone Petroleum Limited, an exploration and production company with operations in the Kurdistan Region of Iraq is pleased to present an update on the Company's production operations at Shaikan, its key producing asset.
◾ Development plans to increase Shaikan production capacity to 40,000 gross barrels of oil per day ("bopd") by year-end 2014 are on track
◾ Shaikan PF-1 production continues at stable rates of 16,000 gross bopd from three wells, Shaikan-1, -3 and -4 and will increase to 20,000 gross bopd later in 2014
◾ Shaikan PF-2 has been fully commissioned and production operations commenced from two wells, Shaikan-5 and -2
◾ Shaikan-5 is producing at an average rate of 5,000 gross bopd, having achieved maximum daily rate to date of over 8,000 gross bopd
◾ Shaikan-2 is expected to contribute additional production in the near future, having already achieved maximum daily rate to date of nearly 3,000 gross bopd