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RNS Number : 6696Q
Gulf Keystone Petroleum Ltd.
24 October 2011
Not for release, publication or distribution in or into the
United States or jurisdictions other than the United Kingdom and
Bermuda where to do so would constitute a contravention of the
relevant laws of such jurisdiction.
24 October 2011
Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Kurdistan Operational Update
Gulf Keystone today provides an update on its ongoing
exploration and appraisal programme for the Shaikan, Ber Bahr and
Akri-Bijeel blocks in the Kurdistan Region of Iraq. Shaikan is a
major discovery with independently audited gross oil-in-place
volumes of between 4.9 billion barrels to 10.8 billion barrels
calculated on the P90 to P10 basis with a mean value of 7.5 billion
barrels.
Shaikan-2 Well Test
The testing programme for the Shaikan-2 appraisal well, drilled
approximately nine km to the south-east of the Shaikan-1 discovery
well, is currently in the Butmah formation of the middle Jurassic
and once the testing programme has been completed in all target
formations the company will make the appropriate announcement.
Following the completion of the Shaikan-2 testing programme, the
WDI 842 rig will move to the location of the Shaikan-6 appraisal
well.
Shaikan-4 Drilling Operations
The Shaikan-4 appraisal well, drilled six km to the west of the
Shaikan-1 discovery well, is currently drilling ahead at a measured
depth (MD) of 3,265 meters to an expected total depth (TD) of 3,400
meters. An extensive testing programme will follow.
Shaikan-5 Appraisal Well
The Discover-1 rig has arrived from the Sheikh Adi-1 site to the
location of the Shaikan-5 appraisal well and is currently rigging
up. The well, which will be drilled six km to the north-east of the
Shaikan-2 appraisal well, is scheduled to spud in October 2011.
Estimated TD for Shaikan-5 is approximately 3,500 meters subject to
technical conditions.
Shaikan-6 Appraisal Well
Location for the Shaikan-6 appraisal well is currently under
construction. The well, which will be drilled nine km to the east
of the Shaikan-2 appraisal well, is due to spud later in 2011,
after the WDI 842 rig has arrived from the Shaikan-2 site.
Estimated TD for Shaikan-6 is approximately 3,800 meters subject to
technical conditions.
Oil sales
The tender process for the procurement of the equipment required
to upgrade the Shaikan-1 & 3 Extended Well Test production
facilities is near completion, which will allow the Company to ramp
up exports of oil which meet export pipeline specifications in the
first half of 2012.
The Company awaits guidance from the Kurdistan Regional
Government on further oil sales into the domestic market.
3D Seismic Processing and Interpretation
The Shaikan and Sheikh Adi 3D seismic data acquired by the
Company in 2010 has now been fully processed and interpreted. As
indicated in the Company's AGM Operational Update of 16 June 2011,
results of the 3D data interpretation indicate a larger Shaikan
structure (by 5-10%) than originally mapped based on the earlier 2D
seismic data. The Company will continue to analyse the obtained
results using it as input into future oil-in-place estimates and as
part of the ongoing work on the Shaikan Field Development Plan.
Gulf Keystone is the Operator of the Shaikan Production Sharing
Contract with a 75 percent working interest in the block and is
partnered with the MOL subsidiary, Kalegran Ltd., and Texas
Keystone Inc. which have the remaining 20 and 5 percent working
interests respectively.
Ber Bahr-1 Exploration Well
The first exploration well on the Ber Bahr block spudded on 10
October 2011 and 20" casing is currently being set at a measured
depth (MD) of 371 meters.
Gulf Keystone has a 40 percent working interest in the Ber Bahr
block operated by Genel Energy International Limited, which holds a
40 percent working interest in the block. The Kurdistan Regional
Government has a 20 percent carried interest in the Ber Bahr
Production Sharing Contract.
Bekhme-1 Exploration Well
Bekhme-1, the second exploration well on the Akri-Bijeel block
drilled 20 km to the north-east from the Bijell--1 discovery well,
is currently testing in the Triassic.
Gulf Keystone has a 20 percent working interest in the
Akri-Bijeel block operated by Kalegran Ltd., 100% subsidiary of MOL
Hungarian Oil and Gas Plc., which holds 80 percent working interest
in the block.
John Gerstenlauer, Gulf Keystone's Chief Operating Officer
commented:
"Further to the announcement of Gulf Keystone's forward strategy
and our recent fully subscribed fund-raising of US$200 million, we
are firmly focused on the 2011/2012 exploration and appraisal
programme. We expect the results from the ongoing drilling and
testing operations at Shaikan-4 and Shaikan-2, which will be
followed by the Shaikan-5 and 6 appraisal wells shortly, to provide
the basis for yet another upgrade of the Shaikan oil-in-place
numbers. Our ongoing work also includes the upgrade and expansion
of the Shaikan Extended Well Test production facilities required to
facilitate stabilised exports of Shaikan crude to the international
market. The work on the upgrade will be completed in the first half
of 2012 and will be followed by the development of the pipeline
project to connect the Shaikan field with the Kirkuk-Ceyhan export
pipeline."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Todd Kozel, Executive Chairman
and
Chief Executive Officer
Ewen Ainsworth, Finance Director
Strand Hanson Limited +44 (0) 20 7409 3494
Simon Raggett / Rory Murphy /
James Harris
Mirabaud Securities LLP +44 (0) 20 7878 3362
Peter Krens
Pelham Bell Pottinger +44 (0) 20 7861 3232
Mark Antelme
or visit: www.gulfkeystone.com
John Gerstenlauer, the Company's Chief Operating Officer, who
has 31 years of relevant experience within the sector and meets the
criteria of a qualified person under the AIM note for mining, oil
and gas companies, has reviewed and approved the technical
information contained in this announcement. Mr. Gerstenlauer is a
member of the Society of Petroleum Engineers.
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil
and gas exploration and production company focused on exploration
in the Kurdistan Region of Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for fourexploration blocks in Kurdistan.
-- The Company's shares have traded on the AIM market of the
London Stock Exchange since listing on 8(th) September 2004.
-- Gulf Keystone Petroleum Limited is registered in Hamilton,
Bermuda with further offices in Erbil, Kurdistan (Iraq), Algiers,
Algeria and London, UK.
Not for release, publication or distribution, directly or
indirectly, in or into the United States or jurisdictions other
than the United Kingdom and Bermuda where to do so would constitute
a contravention of the relevant laws of such jurisdiction. This
document (and the information contained herein) does not contain or
constitute an offer of securities for sale, or solicitation of an
offer to purchase securities, in the United States or jurisdictions
other than the United Kingdom and Bermuda where to do so would
constitute a contravention of the relevant laws of such
jurisdiction. The securities referred to herein have not been and
will not be registered under the US Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold in
the United States unless the securities are registered under the
Securities Act, or an exemption from the registration requirements
of the Securities Act is available. No public offering of the
securities will be made in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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