Gulf Keystone Warns of Delays

Gulf Keystone, the Kurdistan-focused oil explorer, has had to delay the drilling of its Shaikan-2 exploration well, after running into difficulties with its current Bijeel-1 well.

Mechanical problems were encountered when testing and evaluating the lower section of Bijeel-1. This has necessitated a sidetrack and re-drill of this portion of the well to “fully evaluate and test the remaining intervals, which is expected to take up to eight weeks to complete“.

Shaikan-2 will use the Weatherford 842 rig currently on location at Bijeel-1, so drilling at that location will be delayed; it is now expected to spud during the third quarter of 2010.

Gulf Keystone’s share price has not been significantly affected.

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