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Commercial Discovery - Ber Bahr-1 Exploration Well
Commercial Discovery - Ber Bahr-1 Exploration Well.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 8504F Gulf Keystone Petroleum Ltd. 30 May 2013 \n \n\nNot 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.\n \n \n \n \n30 May 2013\n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nCommercial Discovery in Ber Bahr-1 Exploration Well\n \nGulf Keystone notes today's announcement by Genel Energy plc (\"Genel Energy\"), regarding a commercial oil discovery at the Ber Bahr-1 exploration well on the Ber Bahr block in the Kurdistan Region of Iraq. Genel Energy, as operator, made the following statement:\n \n\"The Ber Bahr 1 well original TD was 3933m in the upper Permian Chia Zairi formation. It encountered good oil shows over a c.300m interval in the Jurassic. Two drill stem tests over this interval failed to flow. The original well has now been successfully side tracked and in several tests, conducted over a period of days, achieved a sustainable flow rate of 2100 STB/day of 15 API oil from the Middle Jurassic age Sargelu Formation.\"\n \nThe operator has also stated their intention to begin a phased development of the field in the second half of this year.\n \nGulf Keystone and Genel Energy both hold a 40 per cent working interest in the Ber Bahr block. The Kurdistan Regional Government has a 20 per cent carried interest in the Ber Bahr Production Sharing Contract.\n \nJohn Gerstenlauer, Gulf Keystone's Chief Operating Officer, commented:\n \n\"This is another significant discovery and the fifth across the four blocks the Company has an interest in. It comes during an exciting year for the Company as we move towards becoming a significant producer in the region.\"\n \n \nEnquiries:\n \n\n\n\n\nGulf Keystone Petroleum:\n\n\n+44 (0) 20 7514 1400\n\n\n\n\nEwen Ainsworth, Finance Director\n\n\n\n\n\n\n\nAnastasia Vvedenskaya, Investor Relations\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStrand Hanson Limited\n\n\n+44 (0) 20 7409 3494\n\n\n\n\nSimon Raggett / Rory Murphy / James Harris\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMirabaud Securities LLP\n\n\n+44 (0) 20 7878 3362\n\n\n\n\nPeter Krens\n\n\n\n\n\n\n\n\n\n\n\n\n...