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Significant Oil Discovery in
Significant Oil Discovery in.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 9678W Gulf Keystone Petroleum Ltd 06 August 2009 \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\n6 August 2009\n\nGulf Keystone Petroleum Ltd.\n(\"Gulf Keystone\" or \"the Company\")\n\nSignificant Oil Discovery in the Kurdistan Region of Iraq\nShaikan-1, Shaikan Block\n\nGulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration company announces that Gulf Keystone Petroleum International (50% GKP, 50% ETAMIC) has made a significant discovery at the Shaikan-1 exploration well. The well is located in the Shaikan Block, situated near the city of Dihok, approximately 85 kilometres North-West of Erbil in the Kurdistan region of Northern Iraq.\n \nThe well has encountered oil in the Sargelu formation at a depth of 1,450 to 1,510 meters. Shallow zone live oil shows within the formation were announced on 24 June 2009 on initial drilling. Preliminary test rates indicate 5,000 to 8,000 barrels of 21 to 22 degree API oil per day with wellhead pressures of 380 to 295 pounds per square inch. The measured oil properties for this section are comparable to the oil now being produced at the Tawke Field, located to the north west of the Shaikan Block.\n\nGulf Keystone will use this new data along with existing seismic and geological data to evaluate the potential resources discovered in this formation. GKP is currently using 300 to 500 million barrels of oil in place as a preliminary estimate for the tested interval.\n\nIn addition to these well test results, it should be noted that the primary zones of interest for the Shaikan-1 exploration well are the underlying Alan and Mus formations, in which we are targeting potential further oil bearing zones with possible oil in place values in excess of 1.5 billion barrels. Indications are that these formations will yield additional oil-bearing zones as we drill ahead to our next casing point at approximately 2,500 metres...