Gulf Keystone hails booming year as both revenues and losses soar
OIL explorer Gulf Keystone yesterday said that its performance in 2012 would build on what it branded “outstanding” success last year.
The company said it has been buoyed by successful operations in Kurdistan, though its shares fell 2.5 per cent yesterday after the update.
Gulf Keystone said it was planning the next stage of work on its Shaikan field, whose oil estimates have been increased twice. Chief executive Todd Kozel believes the scale of Shaikan find could be higher than the 13.4bn barrels of oil forecast. The company has told investors that it hopes to produce 40,000 barrels per day from as early as next year.
Losses before tax widened to $63.7m (£40.6m), from $26.8m a year ago, as mounting expenses kept pace with a surge in revenues, which came in at $6.9m compared to $808,000 during 2010.