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Preliminary Evaluation of Sha
Preliminary Evaluation of Sha.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 1971B Gulf Keystone Petroleum Ltd 22 October 2009 \n \nNot for release, publication or distribution in or into 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\n22 October 2009\n\nGulf Keystone Petroleum Ltd.\n(\"Gulf Keystone\" or \"the Company\")\n\nPreliminary Evaluation of Shaikan-1 Discovery \n\nGulf Keystone Petroleum Ltd. (AIM: GKP), today announces the results of a preliminary evaluation of the Shaikan-1 discovery as of 22 October 2009.\n\nGiven the materiality of the discovery, the Company felt it prudent to seek independent evaluation of the Shaikan-1 well, despite being at an early stage of evaluation and testing. Accordingly, Shaikan-1 has been independently evaluated by Dynamic Global Advisors (\"DGA\"), an independently-owned E&P consultancy, providing advice and services to national, institutional, and corporate clients worldwide.\n\nThis preliminary evaluation report reviews the data from the Jurassic formations of Shaikan-1 tested to a depth of 2,055 meters and was carried out in accordance with the Petroleum Resources Management System (\"PRMS\") guidelines, using SPE definitions.\n\nKey findings:\n\n\n\nThe Shaikan-1 well has discovered a significant resource of low gravity oil in the Jurassic Barsarin, Sargelu, Alan, Mus and Butmah formations\n\n\n\n\n\nThe range of oil in-place for the Shaikan structure is estimated to be a gross 1.0 to 5.3 billion barrels of oil, with a mean of 2.8 billion barrels of oil\n\n\n\n\n\nAs additional data below 2,055 meters is evaluated, the resource estimates will increase\n\n\n\nThe figures provided are discovered oil in-place for the Shaikan structure. Given the preliminary nature of the report, and with Shaikan-1 still an active exploration well, DGA were not asked to provide analysis of recovery factors. The necessary data for the company to evaluate meaningful recovery factors will be gathered during the extended well test, scheduled to commence in late 2009, after Shaikan-1 reaches ...