Business
Significantly Increased OIP N
Significantly Increased OIP N.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 5258F Gulf Keystone Petroleum Ltd 14 January 2010 \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\n14 January 2010\n\nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n\nSignificantly Increased Oil in Place Numbers for Shaikan Discovery \n\n\nShaikan-1 has been independently evaluated by Dynamic Global Advisors (\"DGA\"). This final evaluation report reviewed the data from the Cretaceous, Jurassic and Triassic formations of Shaikan-1 tested to a depth of 2,950 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 range of oil in-place for the Shaikan structure has been increased to a gross 1.9 (P90) to 7.4 (P10) billion barrels of oil, with a mean of 4.2 billion barrels of oil in place. Previous estimates were 1.0 (P90) and 5.0 (P10). In addition, there is upside potential (P1) up to a total of 13 billion barrels of oil in place. \n\n\n\nThere are also prospective resources below 2,950 meters (lower Triassic and Permian). The DGA Executive Summary states that: \"Potential resources for these deeper formations are ~ 1 to 5 BBO and 6 to 14 TCF, which is in addition to the P1 upside estimate of 13 BBO\". \n\n\n\nIn addition the DGA Executive Summary confirms that: \"This discovery greatly reduces the geologic risks in the Sheikh Adi, Akri Bijeel and the Ber Bahr blocks, Gulf Keystone's adjacent opportunities. The Shaikan discovery proves the presence of hydrocarbon source and migration in the area. \n\n\n\nThe Shaikan-1 well has discovered a significant resource of oil and gas in the Cretaceous Sarmord, Jurassic Barsarin, Sargelu, Alan, Mus, Butmah, Baluti and Triassic Kurre Chine formations\n\n\n\nShaikan Oil-in-place summary\n\n\n\n\n\n \n\n\n\nP90\n \n\n\n\nP10\n \n\n\n\nMean\n\n\nPotential\nOil in Place\nVolume\n\n\n\n\nDrilled (above 2950)...