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GKP gains on Shaikan results

John Dunne reports for City A.M.:

Oil explorer Gulf Keystone yesterday offered yet more data suggesting that its Shaikan wells in the Iraqi region of Kurdistan could deliver commercially viable amounts of oil.

It said that its Shaikan-6 appraisal well had been drilled and that oil had been encountered at its deepest point to date. Meanwhile the Shaikan-5 site has also been found to have oil. The company’s shares rose by 4.7 per cent to 237.75p after the exploration update.

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