Business
Well Update
Well Update.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n RNS Number : 2712R Gulf Keystone Petroleum Ld 28 April 2009 \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\n28 April 2009\n\nGulf Keystone Petroleum Ltd.\n(\"Gulf Keystone\" or \"the Company\")\n\nSuccessful Spudding of First Well in Kurdistan\n\nGulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration and production company with assets in Algeria and the Kurdistan Region of Iraq (\"Kurdistan\"), today provides the following update with respect to its activities in Kurdistan.\nGulf Keystone is pleased to announce that drilling activities have now commenced in Kurdistan and just before midnight on the 27th April the Company spudded its first exploration well, Shaikan-1, on the Shaikan Block. Drilling is anticipated to take 4 to 5 months to complete.\n\nThe Shaikan Block is situated near the city of Dihok, approximately 85 kilometres North-West of Erbil and covers an area of 283 square kilometres. The Shaikan-1 well is being drilled in a proven hydrocarbon area, in reasonable proximity to other successful discovery wells. The Shaikan Block lies directly between the Tawke and Taq Taq oil fields and in an area of active oil seeps. Shaikan-1 is targeting multiple horizons ranging from 600 metres to approximately 3,000 metres in depth. In the event of a discovery well being drilled, the multiple horizons have aggregate anticipated in place reservoir volumes in the range of 2 billion barrels of oil* as estimated by the Gulf Keystone technical team**. \n\nUpon completion of the Shaikan-1 well the commitments under the first phase of the PSC will have been completed with an option to enter into phase 2. \n \nMr. Todd Kozel, Executive Chairman of Gulf Keystone, commented: \n\n\"The spudding of our first well in Kurdistan is perhaps one of the most significant mile...