Gulf Keystone Shares Rally on Kurdistan Update

Bijeel-1

Kalegran, a 100% subsidiary of MOL, and the operator of the Akri-Bijeel block is continuing well test operations on the Bijeel-1 discovery well.  Release of the Weatherford 842 drilling rig [pictured] is scheduled for mid-November at which point the rig will move to the Shaikan-2 location and begin drilling the first deep appraisal well on the Shaikan structure.

Drilling Rig Tender

The GKP bid evaluation team is currently reviewing the eleven technical and commercial bid proposals that were received in response to the Company’s tender. GKP expects to award a contract to the successful bidder during November.  The selected rig will be used to drill the Shaikan-4 appraisal well.

Shaikan and Sheikh Adi 3D Seismic

Acquisition of approximately 525 square kilometres of 3D seismic data for the Shaikan block is 98% complete and data processing and evaluation have commenced.  On Sheikh Adi, approximately 300 square kilometres of seismic data acquisition is 10% complete.

Commenting on today’s announcement, John Gerstenlauer, Chief Operating Officer said:

We are very encouraged by the log results and oil shows seen thus far in the Sheikh Adi-1 exploration well.  The well logs and oil shows in this well not only point towards significant potential in the Cretaceous but also serve to further de-risk the oil potential of at least the Jurassic age targets deeper in this well.  In addition we have made significant progress in establishing a fair price for the Shaikan Sargelu crude oil in the Kurdistan market in preparation for routine domestic oil sales.

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