Aug 01st 2012 - Edison Investment Research today published a report on Gulf Keystone Petroleum (GKP.L, LSE:GKP, LON:GKP) entitled "Entering A New Phase". In summary, the report says:
We initiate on Gulf Keystone (GKP) at a time when the understanding of its massive Shaikan asset has increased markedly. The convergence of a tighter range of estimates around a higher (13.7bn bbls pMean) oil in place (OIP) demonstrates the better understanding of the Shaikan field gained over recent months and indicates that the next stage, development, is just around the corner. Our core NAV of 216p should grow as the current uncertainties (development details, recovery rates, pipelines and politics) become clearer while further value could be unlocked as exploration and appraisal takes place across its other blocks. In reality, big fields require big developers and we would ultimately expect to see GKP crystallise value for shareholders.
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