Gulf Keystone Secures Funding For Shaikan Development

Upstream independent Gulf Keystone (GK) has secured financing for the Shaikan oil field development in Iraqi Kurdistan through a $250mn debt issue. Shaikan is now on target to attain production of 40,000 b/d.

The debt issue, announced by the company in a regulatory filing, is valid for three years from 17 April and will be used to finance the continued development of the Shaikan field, finance required cash commitments related to other fields in which the company has a participating interest, as well as for general corporate purposes.

The increase in Shaikan capacity from a second production facility is running behind schedule. GK had expected to reach its target in early 2014 after commencing commercial production in July last year at 10,000 b/d. (CONTINUED - 340 WORDS)