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6 Oct 2009 07:00
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6 October 2009
Gulf Keystone Petroleum Ltd.
("Gulf Keystone" or "the Company")
Shaikan-1 Triassic Discovery
Gulf Keystone Petroleum Ltd. (AIM: GKP) today announces an oil discovery in the upper portions of the Triassic section of the Shaikan - 1 exploration well. A short, limited flow test was conducted to determine reservoir content following multiple drilling breaks, indicative of increased porosity, between 2,402 and 2,483m. This limited test resulted in 40+ degree API oil rates up to 2,000 bopd and associated gas rates of up to 2 mmscf/d, yielding a gas/oil ratio of approximately 1,000 scf/bbl.
This high energy, light oil discovery is in addition to the 2.0 to 4.0 billion barrels of heavier (22 to 17 degree API gravity) oil previously announced at various levels throughout the shallower Jurassic intervals.
The discovery of these high energy, light oil zones within the upper levels of the Triassic significantly improve chances of finding additional light oil targets in the 700 to 1000 meters still to be drilled.
This most recent discovery will be logged when drilling has reached final TD, prior to setting the final, 7", casing string. The Company plans to install a workover rig following completion of drilling operations in order to commence extended testing of the multiple pay zones present in the Shaikan -1 exploration well.
Todd Kozel, Chairman and Chief Executive Officer of Gulf Keystone, commented:
"The discovery of a higher energy reservoir in the upper portions of the Triassic section of the Shaikan - 1, while very significant in its own right, should also prove very beneficial to future development and exploitation of the large reserves of heavier, low GOR oil in the Jurassic portion of the well."
Enquiries
Gulf Keystone Petroleum: +44 (0) 20 7514 1400Todd Kozel, Chairman and Chief Executive Officer
Ewen Ainsworth, Chief Financial Officer
RBC Capital Markets: +44 (0) 20 7653 4667
Sarah Wharry
Brunswick: +44 (0) 20 7404 5959Patrick Handley
or visit: www.gulfkeystone.com
John Gerstenlauer, the Company's Chief Operating Officer, who has 31 years of relevant experience within the sector meets the criteria of a qualified person under the AIM guidance note for mining, oil and gas companies and 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
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