Gulf Keystone Rallies on Shaikan Oil-in-Place Upgrade

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

Sometimes people get complacent about our operational track record. This latest upgrade, which now includes results from the Shaikan discovery well and five appraisal wells, is a timely reminder about Gulf Keystone’s stellar drilling performance in the Kurdistan Region of Iraq.

In the space of six months, Shaikan’s P90 estimate has increased by 4.4 billion barrels of gross oil-in-place, just one billion barrels short of the previous P10 estimate in November 2011. Such results are rarely heard of in the industry today and we are still to explore the deeper Triassic and Permian horizons with the Shaikan-7 exploration well and account for the potential oil volumes in the Cretaceous to the north of the field.

This success is both a function of the field, which is a giant by any measure, and of the team we have in place, both on the ground and in the Company’s offices, which is progressing the move from the appraisal phase to the large-scale staged 400,000+ barrels of oil per day development. As exploration and development activities in the region continue to go from strength to strength, more and bigger players are beginning to see the potential of the region, and Shaikan undoubtedly remains the jewel in the crown.

At today’s AGM the Company will give shareholders an overview Investor Presentation which will not contain any new material information pertaining to the Company’s operations and activities. The accompanying presentation slides will be available on the Company’s website at at approximately 1pm UK time.

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