Update: Updated CPR sees 2P reserves more than double
Gulf Keystone Petroleum (GKP) has released an updated CPR on its assets, with the resources of its Shaikan, Sheikh Adi and Ber Bahr assets all seeing revisions. Headlines of a more than doubling of the 2P reserves base demonstrate increased confidence in the quality of the Shaikan asset following strong operational performance. Importantly, the reservoir mechanism is now believed to be gas cap driven (rather than through global aquifer support), which will mean revisions to the development plan. It could also mean that ultimate plateau production may not be as high as we had modelled, although it does continue for longer. As a result, we have remodelled the company, moving our discount year to 2016, resulting in an adjusted core development NAV of 56p/share.
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