Gulf Keystone Updates on Operations and Sales

Bekhme-1 Exploration Well

The testing programme for Bekhme-1, the second exploration well on the Akri-Bijeel block drilled 20 km to the north-east from the Bijell‑1 discovery well, is ongoing. After the testing programme has been completed in December, the Operator will issue an appropriate announcement.

Gulf Keystone has a 20 percent working interest in the Akri-Bijeel block operated by Kalegran Ltd., 100% subsidiary of MOL Hungarian Oil and Gas Plc., which holds 80 percent working interest in the block. Operator's P50 resource estimate for the Akri-Bijeel block is 2.4 billion barrels of oil-in-place.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:

"Following our recently completed tests at the Shaikan-2 appraisal well, we plan to replicate this successful programme at Shaikan-4. Our preliminary results for this well are very promising and we look forward to the Shaikan-4 well testing programme which is yet another step in the process of unlocking the full potential of the giant Shaikan discovery in the Kurdistan Region of Iraq. In this regard, the recommencement of our domestic oil sales is particularly significant as we prepare to upgrade the existing test production facilities and ramp up both domestic sales and oil exports of the Shaikan crude in the first half of 2012."

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