Spudding of Bijeel-1

RNS Number : 1046E

Gulf Keystone Petroleum Ltd

15 December 2009

 

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

15 December 2009

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

Spudding of Bijeel-1

Gulf Keystone Petroleum Ltd. (AIM: GKP, ADR:GFKSY) today announces that, as informed by the Operator to the Ministry of Natural Resources in the Kurdistan Region of Iraq ("Kurdistan"), the Bijeel-1 well was spudded on Friday 11^th December 2009 in the Akri Bijeel block. Gulf Keystone Petroleum International ("GKPI") holds a 20 per cent working interest in the production sharing contract ("PSC"). The block is operated by Kalegran Ltd. (80%) a subsidiary of MOL.

The Bijeel-1 well will target prospective intervals in the Cretaceous and the Jurassic. The well is the first exploration well to be drilled on the Akri Bijeel block which is adjacent to the Shaikan block. The well is planned to a target depth (TD) of approximately 4,300 metres and is forecast to take approximately four to five months to complete.

Todd Kozel, Executive Chairman, Gulf Keystone Petroleum, stated:

"This is the second exploration well in a multi-well exploration and appraisal programme. We are highly encouraged that the Shaikan-1 well has already significantly de-risked the prospects of our adjacent acreage, making Akri-Bijeel and Sheikh Adi two highly exciting drilling prospects."  

Enquiries:

Gulf Keystone Petroleum:	[phone]
Todd Kozel, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
Strand Hanson Limited	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP	[phone]
Peter Krens / Pav Sanghera
Brunswick Group LLP	[phone]
Patrick Handley

or visit: www.gulfkeystone.com

John Gerstenlauer, the Company's Chief Operating Officer, who has 31 years of relevant experience within the sector meets the criteria of a qualified person under the Aim Note for Mining and Oil and Gas Companies and 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) ("Gulf Keystone" or the "Company") is an independent oil and gas exploration company focused on exploration in the Kurdistan region of northern Iraq.

• The Company's shares have traded on the AIM market, since listing on 8 Sept 2004. 

• The Company established a sponsored Level 1 American Depositary Receipt ("ADR") programme on 5th December 2008. The ADRs are traded under the ticker symbol GFKSY in the US over-the-counter ("OTC") securities market of Pink OTC Markets Inc. (www.pinksheets.com)

• Gulf Keystone Petroleum International ("GKPI") is a joint venture between the Company and ETAMIC, its strategic partner in Kurdistan. The JV holds Production Sharing Contracts ("PSC's") in four exploration blocks with a total area under licence of 1,702 square kilometres.

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

 

END

 

 

MSCTIBPTMMBBBIL