Gulf Keystone All Smiles over Shaikan Appraisal Program

Gulf Keystone provided an update on its ongoing exploration and appraisal program for the Shaikan block in the Kurdistan Region of Iraq. Shaikan is a major discovery with independently audited 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-2 Well Test Update

Further to the announcement on the new Triassic discovery with the Shaikan-2 Appraisal Well, the Company has completed a flow test in the lower section of the Kurre Chine B zone in the Upper Triassic zone of the Shaikan-2 Appraisal Well drilled approximately nine km to the south-east of the Shaikan-1 discovery well.

The Kurre Chine B flow test in Shaikan-2 achieved flow rates of 2,600 barrels of 40 degree API oil per day with associated gas of 5.4 MMcf per day through a 48/64"choke.

So far, the Company has conducted three wells tests on Shaikan-2 with the maximum aggregate flow rate in excess of 15,000 barrels of oil per day ("bopd") with up to five additional tests still to be performed as part of the ongoing Shaikan-2 testing program in the Triassic and Jurassic. The next test will be conducted on the upper section of the Kurre Chine B.

Shaikan-4 Drilling Update

The Shaikan-4 Appraisal Well, drilled six km to the west of the Shaikan-1 discovery well, is currently drilling ahead at a measured depth (MD) of 2,580 meters. Preliminary well logs through the upper Jurassic (down to the top of the Butmah formation) indicate that the net pay count on this well for the upper Jurassic reservoirs is significantly better than those achieved with either Shaikan-1 or Shaikan-2.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented, "This latest in a series of successful Shaikan-2 well tests follows the announcement of the new Triassic discovery made with this well earlier this month. Together with the progress in the Shaikan-4 drilling operations and the oncoming spudding of Shaikan-5, it is a confirmation of Gulf Keystone's success in both drilling and proving the value of the giant Shaikan field, which is our immediate focus".


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