Gulf Keystone Petroleum Limited engages in the exploration, development, evaluation, and production of oil and gas properties in the Republic of Algeria, the Kurdistan Region of Northern Iraq, Bermuda, and the United Kingdom. The company also offers geological, geophysical, and engineering services. Kurdistan Region of Iraq In 2007 the company secured interests in two blocks in Kurdistan, Northern Iraq. Kurdistan covers approximately 40,000 square kilometres and is situated in the North Eastern corner of Iraq. Shaikan: The Shaikan production sharing contract (PSC) was awarded to operator Gulf Keystone (75%) and Kalegran Limited (20%) a subsidiary of MOL Hungarian Oil and Gas Public Limited Company (MOL), and Texas Keystone Inc. (5%) in 2007. Akri-Bijeel: The Akri-Bijeel PSC was awarded to operator Kalegran Limited (80%) in 2007 along with Gulf Keystone (20%). The Akri-Bijeel Block is adjacent to the Shaikan Block, and covers an area of 889 square kilometres. Algeria The company has exploration and appraisal rights over six blocks and two producing fields in the Republic of Algeria. The HBH Permit initially covered an area of 18,830 square kilometres located in the Timimoun Basin/Allal High area of central Algeria, which covered 5 blocks (317b1, 322b3, 347b, 348 and 349b) and contained the HBH gas field. HBH profile: In 2008, the company entered into Phase 2 of the exploration contract. Ben Guecha Permit: The Ben Guecha Permit Blocks 108 and 128b, located in North Africa, South East Constantine Basin, cover an area of 4,641 square kilometres. The permit contains the Ras Toumb oil storage facility and part of the 30 kilometre local pipeline which transports oil from the GKN-1 well. History Gulf Keystone Petroleum Limited was founded in 2001.