Gulf Keystone this morning announced the completion of an additional third party analysis of the gross oil in place resources resulting from the Shaikan-1 discovery well.
The Company has previously reported gross oil in place resources, on a P90 to P10 basis, of 1.9 to 7.4 billion barrels with a mean value of 4.2 billion barrels. These values were the result of an independent, third party analysis conducted by Dynamic Global Advisors (DGA) of Houston, Texas.
In order to reinforce the potential size of this world class oil discovery, the Company commissioned Ryder Scott, also of Houston, Texas to do an additional third party analysis, using all data available through November 30, 2010.
The Ryder Scott results, for gross Total Petroleum-Initially-in-Place (PIIP), on the same P90 to P10 basis and using more conservative porosity and water saturation cutoffs, was 1.52 to 7.52 billion barrels of total PIIP with a mean of 4.04 billion barrels. The full study is posted on the Company's website.
John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:
"The Ryder Scott study resulted in essentially the same gross range of total PIIP, despite using an even more conservative porosity and water saturation cutoff on the net pay interval calculations. This clearly confirms the earlier PIIP estimates made by both Gulf Keystone and DGA, demonstrates the robust nature of this oil discovery and bodes well for future upside potential."
Please click here to download the full report (13.6 MB).