Business
Shaikan Oil-in-Place Revision
Shaikan Oil-in-Place Revision.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 9019E Gulf Keystone Petroleum Ltd. 14 April 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 \n14 April 2011\n \n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \n \nShaikan Discovery: P90 volumes increase from 1.9 billion barrels to 4.9 billion barrels \n \nGulf Keystone Petroleum Ltd. (AIM: GKP) today announces a major revision of the gross oil-in-place volumes for the Shaikan discovery in the Kurdistan Region of Iraq. \n \nThe revised gross oil-in-place volumes for the Shaikan discovery, as calculated by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants, are a P90 value of 4.9 billion barrels to a P10 value of 10.8 billion barrels of oil-in-place with a mean value of 7.5 billion barrels and a P1 value of 15 billion barrels.\n \nThis is a very significant upward revision from the previously announced range of 1.9 to 7.4 billion barrels of gross oil-in-place with a mean value of 4.2 billion barrels and a P1 value of 13 billion barrels, also calculated by DGA. The revision is based on the data acquired since the last resource evaluation of the Shaikan discovery by DGA issued in January 2010, which was supported by an additional third party analysis by Ryder Scott consultants with a range of gross total petroleum-initially-in-place (PIIP) of 1.52 (P90) to 7.52 (P10) billion barrels.\n \nThe new data has been acquired as a result of:\n \n· Shaikan-2 oil discovery and well test in the upper section of the Jurassic section, nine km to the east of Shaikan-1\n· Shaikan-1 extended well test production\n· Shaikan-3 testing and production results\n· Preliminary results of the analysis of 3D seismic data acquired for the Shaikan (599km²) and Sheikh Adi (215km²) blocks\n· Evaluation of existing seismic lines and regional geological data for the Ber Bahr, Akri-Bijeel (Bijeel-1 well) and Sheikh Adi blocks.\n· PVT (...