Shares in Gulf Keystone Petroleum (GKP) rose by 4.2 per cent to 221p after completion of the appraisal programme at its Shaikan field in Kurdistan.
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The catalyst was the fourth resource upgrade since the discovery was first announced in 2009. The assessment - carried out by independent consultancy Dynamic Global Advisors - gave GKP an 'oil-in-place' volume of 12.4bn barrels at a contingent 90 per cent (P90) success rate. The revised numbers point to a mean figure of 13.7bn barrels - a 30 per cent increase on the previous evaluation.
