Akri-Bijeel Block: Aqra/ Bekhme Anticline Resources
Following the completion of the Bekhme-1 exploration well testing programme in December 2011, after the well reached TD at 5,000 metres in the Triassic, Gulf Keystone has received results of an independent evaluation of estimated petroleum resources for the Aqra/Bekhme anticline on the Akri-Bijeel block by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants.
The DGA report, based on the Bekhme-1 wireline logging data and 2D seismic data, while recognizing the fact that no hydrocarbons had been produced to surface, has indicated a significant range of between 2.5 billion barrels and 5.4 billion barrels of gross oil-in-place volumes calculated on the P90 to P10 basis, with the mean resource estimate for the reservoirs in the Aqra/ Bekhme anticline of 3.9 billion barrels. While this range of resource estimate is significant, a considerable portion of the oil resource is likely to comprise heavy oil. Further evaluation would be required as to whether the oil is commercially recoverable.
DGA's previous assessments of assets on behalf of Gulf Keystone included independent evaluation of the Shaikan discovery, including two major upgrades of the gross oil-in-place volumes announced in April and November 2011, as well as a preliminary evaluation of the Sheikh Adi resources (1 billion barrels to 3 billion barrels calculated on the P90 to P10 basis) announced in August 2011.
Akri-Bijeel Block: Aqra-1 Appraisal Well
The first appraisal well to assess the Bijell discovery on the Akri-Bijeel block, is being drilled 8 km to the north-west of the Bijell‑1 discovery well and 26 km to the west-northwest of the Bekhme-1 exploration well. After reaching the depth of 989 metres, the Aqra-1 drilling operations have been temporarily halted in order to repair the rig following a lightning strike. Once the drilling operations have resumed, Aqra-1 will drill to an estimated TD of over 4,700 metres in the Triassic subject to technical conditions.
Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block, operated by Kalegran Ltd., a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc., which holds 80 per cent working interest in the block. The Operator's P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place, while the ongoing 2012/13 exploration and appraisal programme is targeting existing and identified hydrocarbon prospects in the Akri-Bijeel block.
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