Gulf Keystone has been boosted after news the Akri-Bjeel block in Kurdistan has been found to be commercially viable.
The field, which the British firm has a 20% stake in with operator Kalegran, was given the go-ahead after testing of the Bijell-1 and Bakrman-1 exploration wells.
Oil flow of 10,000 barrels per day, along with storage for up to 30,000 barrels a day, is expected for the site.
Work on the field is set to be accelerated by the developers, with additional rigs and a field development plan for the block planned for the end of next year.
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