Well Update

Gulf Keystone Petroleum Ld
22 September 2005



22 September 2005



                        Gulf Keystone Petroleum Limited

                       ("Gulf Keystone" or "The Company")



                               GKS-2 Well Update



Gulf Keystone (AIM - GKP.L), an independent oil exploration company operating in
the Republic of Algeria, today announces that the Company has completed the
workover of well GKS-2.



GKS-2 was discovered by SONATRACH in 1994 prior to the Company entering into the
production-sharing contract for Block 126 in 2001.  Initial testing for
production at GKS-2 by SONATRACH then showed maximum flow rates of 2,737 bopd
and 2,241 mcfd.



The workover of GKS-2 was necessary to re-complete the well because it was
temporarily abandoned.



Gulf Keystone Petroleum conducted flow tests over a 3 day period from
perforations over the Turonian and Cenomanian reservoirs, over intervals between
3,685 meters and 3,794 meters.  Production testing of the well resulted in a
measured flow rate of 4,586 barrels of oil per day and 4.61 million cubic feet
of gas per day at a flowing wellhead pressure of 1,774 pounds per square inch
through a 40/64 inch choke.



Todd Kozel, Chief Executive of Gulf Keystone said:



"We are delighted with the results from GKS-2.  The flow rates are much improved
on those previously experienced and are an encouraging start to our workover
programme. This is a successful step towards moving the GKS structure into
commercial production."







Enquiries:



Gulf Keystone (0207 514 1400)

Todd Kozel - Chief Executive Officer



Citigate Dewe Rogerson (020 7638 9571)

Media: Martin Jackson/Rachel Lankester

Analysts: Nina Soon




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