Business
Submission of Discovery Repor
Submission of Discovery Repor.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 3921X Gulf Keystone Petroleum Ltd 06 December 2010 \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 \n \n 6 December 2010\n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nSubmission of Discovery Report on Bijeel-1 Well \n \nFurther to the announcement made on 8 November, 2010, Gulf Keystone notes Friday 3 December, 2010, additional notification by MOL Hungarian Oil & Gas Plc (copied below) regarding the submission of the Discovery Report on the Akri-Bijeel Block Bijeel-1 discovery well, in which Gulf Keystone holds a 20% Working Interest. \n \n \nMOL Hungarian Oil & Gas Plc's Announcement:\n \n \nSubmission of Discovery Report on Bijell-1 exploration well \nAkri-Bijeel block, Kurdistan Region of Iraq \n \n \nMOL Hungarian Oil and Gas Plc. hereby informs the capital market participants that, further to its recent notification on 8 November 2010 on the test results, it has submitted the Discovery Report on the Bijell-1 exploration well to the Ministry of Natural Resources of the Kurdistan Region of Iraq. \n \nAs previously announced, 3,743 bbl/d 13° API oil and 618,826 scf/d (99 boe/d) gas was produced through 48/64\" choke from the Bijell-1 well in an interval of 3,729 - 3,967 m during the joint cased hole test. This level might be significantly increased by application of artificial lifting systems. Based on the updated geological model of the accumulation, the calculated petroleum initially in place (PIIP) at P50 is 2,419 MMBOE in the Jurassic formations of the Bijell structure. \n \nThis Discovery Report will serve as a basis for the planning of the appraisal program of the Bijell structure. \n \nBackground: \n \nOn 8 November 2010, MOL announced the successful closing of the testing of the Bijell-1 well in the Akri-Bijeel Block. \n \nMOL, via its 100% subsidiary, Kalegran Ltd., signed a Production Sharing Contract with the Kurdistan Regional Government for Akri-Bijeel exploration block in 2007. Kalegran is the operator of the block with 80% participating interest and Gulf Keystone ...