Sign In
Last checked at 
26 Jun 2008 07:00
ο»Ώ
Not for release, publication or distribution in or into jurisdictions other than theΒ United KingdomΒ andΒ BermudaΒ where to do so would constitute a contravention of the relevant laws of such jurisdiction
26Β JuneΒ 2008Β
GULF KEYSTONE PETROLEUM LIMITEDΒ
("Gulf Keystone" or "the Company")
DRILLING UPDATEΒ RM-1Β WELL,Β ALGERIA
Gulf Keystone PetroleumΒ LtdΒ (AIM: GKP), an independent oil and gas exploration company with interests in Algeria and Kurdistan, is pleased to announce that drilling of the RM-1 exploration well on the Hassi Ba Hamou Permit (HBH Permit) in AlgeriaΒ has been completedΒ and tested.
TheΒ RM-1Β well, which was startedΒ onΒ 7Β MayΒ 2008, reachedΒ a total depth of 1,111 metresΒ on a separateΒ prospectΒ some 50 kilometers to the southeast of the HBHΒ gasΒ field.Β Gas shows during drilling and logging results indicate aΒ 61 meter gas columnΒ hasΒ beenΒ encounteredΒ in sands of Siegenian age. During aΒ production testΒ the well flowed gas at aΒ stabilised flow rate ofΒ 10,266Β cubic meters per hour (8.7Β mmscfΒ per day)Β through aΒ 94/64-inch choke.Β
With the success of RM-1, GKP has agreed to go into the second prospecting period of the HBH Permit with a work programme obligation of 500 km2 of 3D seismic, 1 exploration well and 2 appraisal wells.
The drillingΒ rig will now move to drill wellΒ FEG-1,Β the third and finalΒ exploration well toΒ be drilled, and the fourth wellΒ in the currentΒ six wellΒ drilling campaign.Β This well is expected to spud within a month.Β No further announcement on theΒ FEG-1 wellΒ is plannedΒ until the well has been completed.
The HBHΒ Permit, which contains the HBH gas field, was awarded inΒ AprilΒ 2005. It comprises five blocks within an area of 18,380 square kilometres in theΒ BecharΒ BasinΒ inΒ Algeria'sΒ WesternΒ Desert.
Christopher Garrett, the Company's Vice President of Operations, who has over 29 years relevant experience within the sector and who has been involved with this project for over 2 years,Β has reviewed and approved the technical information contained in this announcement. MrΒ Garrett is aΒ Fellow of the Geological Society, a member of the Petroleum Exploration Society of Great Britain, and a Certified Petroleum Geologist (American Association of Petroleum Geologists). HeΒ meets the criteria of a qualified person under theΒ AIMΒ guidance note for mining, oil and gas companies.
Β Β
Mr.Β Todd Kozel, Executive Chairman, Gulf Keystone,Β commented:
"This isΒ our first explorationΒ successΒ on the HBH Permit andΒ the RM-1 wellΒ follows ourΒ successful appraisal well, HBH-4, earlier this year. The results so far have already given us the confidence to progress to Phase 2 of theΒ HBH Permit."
Enquiries
Gulf Keystone Petroleum:Β +44 (0)Β 20 7514 1400Todd Kozel, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
RBCΒ Capital Markets: + 44 (0) 20 7653 4667
Andrew Smith
Sarah Wharry
TristoneΒ Capital Limited:Β +44 (0)Β 20Β 7355Β 5800
Simon Ashby-Rudd
Majid Shafiq
Citigate Dewe Rogerson:Β +44 (0)Β 20 7638 9571Β Martin Jackson
George CazenoveΒ
or visit:Β www.gulfkeystone.com
Follow the stocks
