Shaikan Field Export Pipeline Project
Technical evaluation is underway of bids submitted in response to the tender for the materials procurement for the Shaikan field export pipeline project, with commercial evaluation to follow. In addition, bids are currently being received as part of the ongoing tendering process for the export pipeline site construction and installation.
Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.
Sheikh Adi-2 Exploration Well
The drilling location for the second exploration well on the Sheikh Adi block, north of the Sheikh Adi-1 exploration well, is currently being prepared. Sheikh Adi-2 is expected to spud in June 2012, after the Discoverer-4 rig has arrived from the Shaikan-4 location.
Gulf Keystone is the Operator of the Sheikh Adi block with an 80 per cent working interest, while the Kurdistan Regional Government has a 20 per cent carried interest. In August 2011, an independently audited preliminary resource evaluation of the Sheikh Adi block, located immediately to the west of the Company's Shaikan block, has indicated a significant range of between 1 billion barrels and 3 billion barrels of gross oil-in-place volumes calculated on the P90 to P10 basis, with a P50 estimate of 1.9 billion barrels.
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