What's new:
• Underwhelming reserve estimates
• First Shaikan well producing 10,000 bopd
• Move to a main listing imminent
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The share price of Gulf Keystone Petroleum (GKP) dipped alarmingly on release of a competent persons report (CPR) compiled by reservoir valuer ERC Equipoise. The report on GKP’s resource base in Kurdistan has been put together ahead of GKP’s planned transfer from Aim to the official list of the London Stock Exchange. The CPR identified a total of 12.5bn barrels of oil in place, which was way adrift of previous estimates that put the gross resource at about 19bn barrels.