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Shaikan-2 Appraisal Well Test Results
Shaikan-2 Appraisal Well Test Results.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 3544D Gulf Keystone Petroleum Ltd. 22 March 2011 \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 \n22 March 2011\n \n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nKurdistan Operational Update\n \nShaikan-2 Appraisal Well Test Results \n \nGulf Keystone is pleased to announce the results of the previously reported well test at the Shaikan-2 Appraisal Well drilled approximately nine km to the south-east of the Shaikan-1 discovery well. \n \nShaikan-2 has achieved short term, indicated rates of 10,144 barrels of oil per day (bopd) and a stabilised flow rate of 8,064 bopd of 26 degree API oil and 2.44 mmscf/d of gas (Gas Oil Ratio of 302 scf/bbl) on a 2\" choke at a 250 psi flowing wellhead pressure. Given the Shaikan-2 well test conditions, as well as the successful well stimulations at Shaikan-1 & 3, the Company anticipates that sustained rates in excess of 10,000 bopd could also potentially be achievable at Shaikan-2. \n \nThe Shaikan-2 flow rates are consistent with the Shaikan-1 & 3 rates but with higher quality oil and more associated gas, both of which can lead to an enhanced recovery rate. The oil gravity of 26 degrees API is significantly better (lighter) than Shaikan-1 & 3, both of which are currently producing 18 degree API oil from the upper sections of the Jurassic at the Company's Extended Well Test facility. \n \nThe Shaikan-2 well test was conducted in a 44 meter interval (1792m to 1836m) in the upper section of the Jurassic age formation. Following this test, normal drilling operations will recommence and the Company anticipates that further Shaikan-2 drilling will follow the Shaikan-1 geological sequence, i.e. through multiple, potential Jurassic and Triassic reservoirs before reaching TD at the bottom of the Triassic or into the top of the Permian, depending on well results.\n \nThe Company has a 75 percent working interest in the Shaikan block and is partnered with the MOL subsidiary, Kalegran Ltd., and Texas Keystone Inc. which have the remaining 20 and 5 percent w...