Business
Spudding of Ber Bahr-1 Exploration Well
Spudding of Ber Bahr-1 Exploration Well.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 9239P Gulf Keystone Petroleum Ltd. 11 October 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 \n11 October 2011\n \n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nKurdistan Operational Update\n \nSpudding of Ber Bahr-1 Exploration Well \n \nGulf Keystone is pleased to announce that the Ber Bahr-1 Exploration Well has spudded on the Ber Bahr block in the Kurdistan Region of Iraq on Monday, 10th October 2011.\n \nBer Bahr-1 is the first exploration well to be drilled on the Ber Bahr block, which covers an area of 208 km² and lies to the north-west and on trend with the Shaikan and Sheikh Adi blocks operated by Gulf Keystone. Ber Bahr-1 will target prospective intervals in the Cretaceous, Jurassic and Triassic with a planned total depth of approximately 2100 meters. \n \nThe Operator's resource estimate for the Ber Bahr block is 1.5 billion barrels of oil equivalent-initially-in-place. The adjacent Shaikan is a major discovery with independently audited gross oil-in-place volumes of 4.9 (P90) to 10.8 (P10) billion barrels, while it is estimated that Sheikh Adi holds between 1 (P90) and 3 (P10) billion barrels of gross oil-in-place. \n \nGulf Keystone has a 40 percent working interest in the Ber Bahr block operated by Genel Energy International Limited, which holds a 40 percent working interest in the block. The Kurdistan Regional Government has a 20 percent carried interest in the Ber Bahr Production Sharing Contract. \n \nJohn Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:\n \n\"Ber Bahr-1 is the first exploration well to be drilled on the large surface anticline which covers over 50 percent of the block with reservoir potential at the Cretaceous, Jurassic and Triassic levels. The immediate proximity of the Ber Bahr block to our major discovery at Shaikan, as well as to Sheikh Adi, makes the Ber Bahr-1 spudding very exciting news. Gulf Keystone's aggressive 2011/2012 exploration and appraisal programme is now being implemented across our four licences in the Kurdistan Region of Iraq with several ...