Genel Spuds Ber Bahr Well in Iraq

Gulf Keystone announced that the Ber Bahr-1 Exploration Well has spudded on the Ber Bahr block in the Kurdistan Region of Iraq on Monday, October 10, 2011.

Ber Bahr-1 is the first exploration well to be drilled on the Ber Bahr block, which covers an area of 208 km² and lies to the north-west and on trend with the Shaikan and Sheikh Adi blocks operated by Gulf Keystone. Ber Bahr-1 will target prospective intervals in the Cretaceous, Jurassic and Triassic with a planned total depth of approximately 2100 meters.

The Operator's resource estimate for the Ber Bahr block is 1.5 billion barrels of oil equivalent-initially-in-place. The adjacent Shaikan is a major discovery with independently audited gross oil-in-place volumes of 4.9 (P90) to 10.8 (P10) billion barrels, while it is estimated that Sheikh Adi holds between 1 (P90) and 3 (P10) billion barrels of gross oil-in-place.

Gulf Keystone has a 40 percent working interest in the Ber Bahr block operated by Genel Energy International Limited, which holds a 40 percent working interest in the block. The Kurdistan Regional Government has a 20 percent carried interest in the Ber Bahr Production Sharing Contract.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented, "Ber Bahr-1 is the first exploration well to be drilled on the large surface anticline which covers over 50 percent of the block with reservoir potential at the Cretaceous, Jurassic and Triassic levels. The immediate proximity of the Ber Bahr block to our major discovery at Shaikan, as well as to Sheikh Adi, makes the Ber Bahr-1 spudding very exciting news. Gulf Keystone's aggressive 2011/2012 exploration and appraisal program is now being implemented across our four licenses in the Kurdistan Region of Iraq with several wells still expected to spud this year. Our ambitious plans, underpinned by the successful fundraisings in 2010-2011, include acquisition of 3D seismic data over the Ber Bahr block."


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