New Oil Find in Iraqi Kurdistan

Shaikan Block

In addition, Gulf Keystone is pleased to provide an update on its ongoing operations on the Shaikan Block in the Kurdistan Region of Iraq.

Shaikan Production Facility (PF-1)

All equipment modules have now been delivered from Calgary, Canada through the port of Mirsin in Turkey and assembly work on the first Shaikan production facility (PF-1) is nearing completion. Despite prolonged cold and snowy weather conditions and delays in the shipping schedule, Shaikan PF-1 will become operational in March 2013. It will be tied to the Shaikan-1, -3 and -4 producing wells and is designed to produce 20,000 barrels of oil per day, processing the crude to export specification. Shaikan PF-1 will be followed by PF-2, also designed to produce 20,000 barrels of oil per day, in mid-2013. Shaikan PF-2 will be tied to the Shaikan-2 and -5 producing wells, as well as Shaikan-10. The Company plans to spud Shaikan-10, the first development well, and Shaikan-7, the first deep exploration well, targeting the mid to lower Triassic and, potentially, Permian horizons, by the end of Q1 2013. Shaikan-10 will be drilled with the Weatherford 842 rig and Shaikan-7 with the Weatherford 319 rig.

John Gerstenlauer (pictured), Gulf Keystone’s Chief Operating Officer commented:

The second discovery on the Akri-Bijeel block marks the beginning of an exciting year for Gulf Keystone. We look forward to joining the ranks of key producers in the Kurdistan Region of Iraq in 2013. In addition to drilling a number of development wells on Shaikan, as well as our first deep exploration well, we anticipate further positive results of the extensive exploration, appraisal and early production programme on the Akri-Bijeel block. We will also focus on appraising the Sheikh Adi discovery, taking into account clear future synergies with Shaikan in terms of production facilities, infrastructure and logistics.

(Source: GKP)

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