GKP Up 5% on Kurdish Update

Gulf Keystone today provides an update on its ongoing exploration and appraisal programme in the Kurdistan Region of Iraq, which includes the Shaikan block, a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis, with a mean value of 10.5 billion barrels.

Shaikan-4 Appraisal Well

Following the conclusion of the successful Shaikan-4 well testing programme, the appraisal well, drilled 6 km to the west of the Shaikan-1 discovery well, will be completed as a producer and tied to the Shaikan-1 and Shaikan-3 Extended Well Test facility.

The Discoverer-4 rig has been released and will move from the Shaikan-4 location to the drilling location of the Sheikh Adi-2 exploration well.

Shaikan-5 Appraisal Well

The Shaikan-5 appraisal well, drilled 6 km to the north-east of the Shaikan-2 appraisal well, has been sidetracked (Shaikan-5B) and casing has been set at the depth below 3,400 metres in the Kurre Chine-B formation in the Triassic. Preliminary well logs indicate a continuous oil column in the Jurassic and hydrocarbon presence in the Triassic Kurre Chine-A and Kurre Chine-B, which is consistent with results obtained elsewhere in the field, most recently with the Shaikan-4 appraisal well.

The well will continue drilling to the estimated total depth (“TD”) of 3,750 metres, subject to technical conditions.

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