Gulf Keystone Updates on Kurdistan Operations

Gulf Keystone provided an update on Monday on its ongoing exploration and appraisal programme for the Shaikan, Ber Bahr and Akri-Bijeel blocks in the Kurdistan Region of Iraq.

Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels.

Shaikan-2 Well Test

The testing programme for the Shaikan-2 appraisal well, drilled approximately nine km to the south-east of the Shaikan-1 discovery well, is currently in the Butmah formation of the middle Jurassic and once the testing programme has been completed in all target formations the company will make the appropriate announcement. Following the completion of the Shaikan-2 testing programme, the WDI 842 rig will move to the location of the Shaikan-6 appraisal well.

Shaikan-4 Drilling Operations

The Shaikan-4 appraisal well, drilled six km to the west of the Shaikan-1 discovery well, is currently drilling ahead at a measured depth (MD) of 3,265 meters to an expected total depth (TD) of 3,400 meters. An extensive testing programme will follow.

Shaikan-5 Appraisal Well

The Discover-1 rig has arrived from the Sheikh Adi-1 site to the location of the Shaikan-5 appraisal well and is currently rigging up. The well, which will be drilled six km to the north-east of the Shaikan-2 appraisal well, is scheduled to spud in October 2011. Estimated TD for Shaikan-5 is approximately 3,500 meters subject to technical conditions.

Shaikan-6 Appraisal Well

Location for the Shaikan-6 appraisal well is currently under construction. The well, which will be drilled nine km to the east of the Shaikan-2 appraisal well, is due to spud later in 2011, after the WDI 842 rig has arrived from the Shaikan-2 site. Estimated TD for Shaikan-6 is approximately 3,800 meters subject to technical conditions.

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