Gulf Keystone to Bring Potential Partners Into Certain of its Algerian Licences

Source: www.gulfoilandgas.com 2/20/2006, Location: Africa

The Company announced that it is reviewing the possibility of bringing in potential partners into certain of the Company's Algerian licences. Ahead of, and in conjunction with this, the Board recently commissioned an internal review of its entire potential reserve and resource base, covering the newly acquired Blocks 129, 108, 128, 317b, 322b, 347b, 348, 349b together with its original holding in Block 126a.

As an integral part of that review, a detailed evaluation of the production sharing contracts for each licence has been carried out together with a calculation of the likely net reserves allocation to Gulf Keystone that would result from those contracts. It should be noted that the net allocation can vary annually when factors such as capital investment, production levels and product prices are considered. Accordingly, the contract terms that determine entitlement are different for each block.

In the case of Block 126a, an evaluation of the cost recovery provisions contained in the production sharing contract for Block 126a indicates that the percentage of net reserves that would be attributable to Gulf Keystone, from any commercial development within Block 126a, would, the Company believes, be materially lower than was indicated in the last independent review of the Company's reserves contained in the Competent Persons Report of September 2004 set out in the company’s AIM admission document.

In view of the internal reserves review that the Company is presently completing, the significant drilling and work-over activity that the Company has carried out since the last independent resource review in 2004 and the very substantial expansion of the Company's portfolio of oil and gas assets that has taken place since that time, the Company is now commissioning a full, updated and independent review of the Company's resource potential. This is expected to be completed and available within 8-10 weeks.


Brazil >>  6/27/2022 - Petrobras, following the announcements released on 02/08/2021, 08/25/2021 and 10/01/2021, informs that it restarted the sale processes of the Abreu e ...
South Africa >>  6/27/2022 - In accordance with a farmout agreement (the "Agreement"), Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with a focus on the offsh...

United States >>  6/27/2022 - Sitio Royalties Corp. (STR) ("Sitio") announced that it has completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin f...
Brazil >>  6/24/2022 - Petrobras, following up on the release disclosed on 06/23/2022, informs that it signed with BW Energy Maromba do Brasil Ltda (BWE), the contracts for ...

Brazil >>  6/23/2022 - Petrobras, following up on the release disclosed on 06/14/2022, informs that its Executive Board, in a meeting held, approved the sale of its total st...
Brazil >>  6/23/2022 - BW Energy has been notified that the Company’s offer to acquire the Golfinho and Camarupim Clusters offshore Brazil has been approved by the Petrobras...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.