GKP Announces Full-Year Results

Gulf Keystone Petroleum (GKP) this morning announced its results for the year ended 31st December 2011.

Shaikan (75% working interest; Operator)

  • 420% (P90) / 181% (P10) increase in gross oil-in-place numbers for the Shaikan discovery with a range of 8.0 billion (P90) to 13.4 billion (P10) barrels, following independent evaluation by Dynamic Global Advisors (“DGA”) in November 2011
  • 599 km² of 3D seismic data processed and evaluated
  • Strong flow rates of 9,800 barrels of oil per day (“bopd”) achieved from the Shaikan-3 shallow appraisal well, with both Shaikan-1 and -3 presently tied to the Extended Well Test production facility (“EWT”)
  • New Triassic reservoir discovery following the drilling of the Shaikan-2 appraisal well to a total depth (“TD”) of 3,300 metres, which tested at a maximum rate of 4,450 bopd of 36 degrees API oil
  • Shaikan-4 appraisal well drilled to a TD of 3,387 metres with log and core data indicating a significant oil column with net pay intervals of 278 metres in the mid to upper Jurassic. The well achieved maximum aggregate flow rates of over 24,000 bopd in the course of the testing programme
  • Shaikan-5 and -6 appraisal wells, which will complete the appraisal programme of the Shaikan field, are currently being tested after reaching TD in May 2012
  • A dedicated development team was recruited and preparation of the Shaikan Field Development Plan commenced during 2011, which will be submitted to the Kurdistan Regional Government of Iraq within six months after the completion of the Shaikan appraisal programme
  • Preliminary design has been prepared and a route survey is ongoing for a 36-inch diameter, 122 km pipeline to connect the Shaikan field with the existing Kirkuk-Ceyhan oil export line, capable of transporting a minimum of 440,000 bopd
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