Not 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.
20 December 2011
Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Kurdistan Operational Update
Spudding of Shaikan-6 Appraisal Well
Gulf Keystone is pleased to announce that the Shaikan-6 appraisal well has spudded on the Shaikan block in the Kurdistan Region of Iraq on 16th December 2011.
Shaikan-6 is the fourth deep appraisal well to be drilled on the Company's major oil discovery with independently audited gross oil-in-place volumes of between 8 billion barrels and 13.4 billion barrels calculated on the P90 to P10 basis with a mean value of 10.5 billion barrels.
Shaikan-6 is being drilled 9 km to the east of the Shaikan-2 appraisal well to an estimated total depth of 3,800 metres subject to technical conditions. Shaikan-6, the last appraisal well to be drilled as part of the Shaikan appraisal programme, will target prospective intervals in the Jurassic and Triassic
Shaikan-6 will be followed by the Shaikan-7 exploration well in 2012, which will target potential untapped resources in the lower Triassic and the Permian, the Company's deepest undrilled horizon to date.
Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.
John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:
"Shaikan-6 is the tenth well to be drilled across the Company's four adjacent blocks and the seventh well to be drilled on the blocks which Gulf Keystone operates in the Kurdistan Region of Iraq. This number of completed and current exploration and appraisal wells comfortably places Gulf Keystone among top three operators in the region. As part of our high impact drilling campaign, planned and funded through 2012, the Shaikan-5 and Shaikan-6 appraisal wells will provide us with better understanding of the flanks of the massive Shaikan structure and its yet untapped resources."
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Todd Kozel, Executive Chairman and
Chief Executive Officer
Ewen Ainsworth, Finance Director
Strand Hanson Limited
+44 (0) 20 7409 3494
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP
+44 (0) 20 7878 3362
Pelham Bell Pottinger
+44 (0) 20 7861 3232
or visit: www.gulfkeystone.com
John Gerstenlauer, the Company's Chief Operating Officer, who has 31 years of relevant experience within the sector and meets the criteria of a qualified person under the AIM note for mining, oil and gas companies, has reviewed and approved the technical information contained in this announcement. Mr. Gerstenlauer is a member of the Society of Petroleum Engineers.
Notes to Editors:
§ Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.
§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan.
§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8th September 2004.
§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with further offices in Erbil, Kurdistan (Iraq), Algiers, Algeria and London, UK.
Not for release, publication or distribution, directly or indirectly, 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. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in 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. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.
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