Oil Round-Up: Gulf Keystone, Afren, President Petroleum

Several widely followed oil and gas shares released news updates this morning, led by Gulf Keystone  (LSE: GKP.L  ) .

More losses for Gulf Keystone
Gulf Keystone's latest figure for the six months to June 30, 2012, showed a loss after tax of $31.4 million, up from $10.3 million last year. Cash, cash equivalents, and liquid investments totaled $136.9 million as at June 30, 2012.

Looking forward, Gulf Keystone is aiming to complete and submit the Shaikan Field Development Plan to the Kurdistan authorities by the end of January 2013. This should be followed by a move to large-scale staged development in 2013, with the goal of achieving 150,000 bopd by 2015. In the meantime, it will commission two Shaikan early production facilities to increase production to 30,000 bopd-40,000 bopd by mid-2013.

Gulf Keystone also reconfirmed its plans to move from AIM to the London Stock Exchange's main market. Its shares fell 2% to 227.5 pence.

Afren starts Simrit-3
Sticking with Kurdistan, Afren  (LSE: AFR.L  ) has announced that drilling has commenced on the Simrt-3 well at Ain Sifni, in which it has a 20% interest. The well is 10km east of the successful Simrit-2 discovery.

Afren reckons that "the drilling and test results recorded to date have already confirmed Ain Sifni in the Kurdistan region of Iraq to be a world-class asset."

President Petroleum to raise £31m
President Petroleum
  (LSE: PPC.L  ) is raising fresh funds at fund a farm-in agreement over two blocks in Paraguay. Overall, President is hoping to raise £31 million by issuing shares at 20 pence apiece. According to the company, the new area has a gross risked recoverable resource potential of greater than 150 million barrels. President Petroleum shares fell back 13% to 21.75 pence, just above the fundraising price.

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Stuart Watson doesn't own any of the shares mentioned in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.


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