Kurdish oil gushing, Gulf Keystone says

ERBIL, Iraq, Nov. 24 (UPI) -- Estimated reserves of light crude oil from Iraqi Kurdistan are greater than even the most optimistic expectations, said Gulf Keystone Petroleum Ltd.

Gulf Keystone announced an additional discovery in its Shaikan-1 well in Iraqi Kurdistan.

Initial discoveries at Shaikan-1, in the northern Kurdish province of Dahuk, were announced Aug. 6.

Its most recent discovery yielded a flow rate of 10,000 barrels of oil equivalent per day, bringing the total test rate to 20,000 boe per day in Shaikan-1.

Gulf Keystone said combined reserves in the region could bring the aggregate rate to about 24,000 boe per day.

"Shaikan-1 has exceeded the most optimistic prognosis held at the start of drilling," said Todd Kozel, executive chairman at Gulf Keystone.

The company said it has tested less than 30 percent of the Dahuk development, noting the capacity could reach 31,000 boe per day of aggregate production.