Gulf Keystone and Rockhopper unveil oil plans for Iraq and the Falklands

Gulf Keystone Petroleum unveiled its hopes for a new pipeline to export oil from its giant Shaikan discovery by 2013, as it plots a move to the main market by the first quarter of next year.

Gulf Keystone, whose current market value is £1.3bn, aims to be producing 15,000 barrels per day by the end of the year, which can be used locally and transported by truck.

However, Todd Kozel, the chief executive, said a pipeline would be needed if the company is to reach its objective of producing 440,000 barrels per day.

It is also looking to sell its 20pc stake in the Akri-Bijeel field, operated by Hungary's Mol Nyrt, for up to $350m (£222m). The shares dropped 2¼ to 179¼p.

Meanwhile, fellow Aim explorer Rockhopper Exploration said producing the first oil from the Falkland Islands will cost around $2bn.

The company set out a detailed timetable for extracting an estimated 350m barrels in total, saying it would begin production in early 2016 and reach maximum production of 120,000 barrels by 2018.

Rockhopper has been drilling around the region of its first discovery, with successful results that show the reservoir extends beyond original estimates. The find is expected to reward the patience of thousands of retail investors who put their faith in Falklands oil. However, there are still some potential obstacles, such as the opposition of near neighbour Argentina, which claims sovereignty over the islands.

Analysts from Evolution Securities said: "Rockhopper seems to have a good handle on the reservoir distribution in the Sea Lion Discovery and the economics look compelling, too. It remains our favoured North Falkland play at present.

Rockhopper shares dropped 4.4pc to 235¼p.