Operational Update - Drilling

Gulf Keystone Petroleum Ld
23 April 2008


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23 April 2008





                        GULF KEYSTONE PETROLEUM LIMITED

                       ("Gulf Keystone" or "the Company")



                               Operational Update





Gulf Keystone Petroleum Ltd (AIM: GKP), an independent oil exploration company
with interests in Algeria and Kurdistan,  announces that drilling of the HBHN-1
exploration well on the Hassi Ba Hamou Perimeter ("HBH Permit"), has been
completed.



The HBHN-1 exploration well was drilled on an untested structure to the
northwest of the Hassi Ba Hamou, HBH gas discovery. The well was targeting gas
in Devonian sands. The HBHN-1 well penetrated the Devonian sands but no
commercial gas volumes were encountered and the well was plugged and abandoned.



The rig will now move to the third well of a six well commitment on the HBH
Permit and drill exploration well RM-1. This well is expected to spud within a
month. No further announcement on the RM-1 well is expected until the well has
been completed.





Christopher Garrett, the Company's Vice President of Operations, who has over 29
years relevant experience within the sector and who has been involved with this
project for over 2 years.  Mr Garrett is a Fellow of the Geological Society, a
member of the Petroleum Exploration Society of Great Britain, and a Certified
Petroleum Geologist (American Association of Petroleum Geologists).  He meets
the criteria of a qualified person under the AIM guidance note for mining, oil
and gas companies, has reviewed and approved the technical information contained
in this announcement.


                                      End




Enquiries



Gulf Keystone Petroleum:                           [phone]
Todd Kozel, Executive Chairman

RBC Capital Markets:                               [phone]
Andrew Smith
Sarah Wharry

Tristone:                                          [phone]
Simon Ashby-Rudd

Citigate Dewe Rogerson:                            [phone]
Media: Martin Jackson
Analysts: Kate Delahunty

or visit: www.gulfkeystone.com




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