Shaikan-4 Appraisal Well Spudding

RNS Number : 4445H

Gulf Keystone Petroleum Ltd.

27 May 2011

 



Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.

27 May 2011

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Kurdistan Operational Update

Shaikan-4 Appraisal Well: Commencement of Drilling Operations

Gulf Keystone is pleased to announce that the Shaikan-4 Deep Appraisal Well has spudded on the Shaikan block in the Kurdistan Region of Iraq on Friday 27^th May 2011.

Shaikan-4 is the second deep appraisal well to be drilled on the Company's significant oil discovery with gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels.

Shaikan-4 is being drilled 6 kilometres to the north-west of the Shaikan-1 discovery well and is targeted to drill to the top of the Permian to reach the planned total depth (TD) of approximately 3,760 meters.

Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 percent and is partnered with Kalegran Ltd. (a 100 percent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc, which have working interests of 20 percent and 5 percent respectively.

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

"The spudding of our second deep appraisal well on the Shaikan structure is yet another important achievement in the Company's ambitious 2011-2012 exploration and appraisal programme in the Kurdistan Region of Iraq. With the Shaikan-2 & 4 appraisal wells currently underway and the Shaikan-5 appraisal well planned to spud later in 2011, the Company is firmly focused on further proving the world class quality of the Shaikan discovery."

Enquiries:

Gulf Keystone Petroleum:	[phone]
Todd Kozel, Executive Chairman and Chief Executive Officer
Ewen Ainsworth, Finance Director
Strand Hanson Limited	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP	[phone]
Peter Krens
Pelham Bell Pottinger	[phone]
Mark Antelme

or visit: www.gulfkeystone.com

John Gerstenlauer, the Company's Chief Operating Officer, who has 31 years of relevant experience within the sector and meets the criteria of a qualified person under the AIM note for mining, oil and gas companies, has reviewed and approved the technical information contained in this announcement.  Mr. Gerstenlauer is a member of the Society of Petroleum Engineers.

Notes to Editors:

§ Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for fourexploration blocks in Kurdistan.

§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8 September 2004.

§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with offices in Erbil, Kurdistan Region of Iraq, Algiers, Algeria and London, UK.

Not for release, publication or distribution, directly or indirectly, in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.

 

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