Gulf Keystone Spuds Sheikh Adi-2 Well

Gulf Keystone on Friday announced that the Sheikh Adi-2 exploration well spudded on the Sheikh Adi block in the Kurdistan Region of Iraq. The Sheikh Adi block is located immediately to the west of the Company's Shaikan block, which is a major discovery.

Sheikh Adi-2, the second exploration well on the block, is being drilled .9 miles (1.45 kilometers) to the north of the Sheikh Adi-1 exploration well, which was drilled to a total depth (TD) of 12,467 feet (3,800 meters) in August 2011. Based on the Sheikh Adi-1 well log results from the Cretaceous, Jurassic and the upper Triassic formations, gross oil-in-place resources of 1 billion to 3 billion barrels (P90 to P10 estimates) with a mean estimate of 1.9 billion barrels were assigned to the western part of the Sheikh Adi field by Dynamic Global Advisors, the independent Houston-based exploration consultants.

Sheikh Adi-2 will target prospective intervals in the Jurassic formation and has a planned TD of approximately 8,038 feet (2,450 meters). The well is being drilled in the northern part of the Sheikh Adi structure with the Discoverer-4 rig, which had previously drilled the Shaikan-4 appraisal well. Based on detailed analysis of 83 square miles (215 square kilometers) of 3D data, which was fully processed in November 2011, this part of the structure appears to be more tightly folded and therefore the Board believes that it is more likely to have a well-developed system of natural fractures.

Gulf Keystone is the Operator of the Sheikh Adi block with an 80 percent working interest, while the Kurdistan Regional Government has a 20 percent carried interest.

John Gerstenlauer, Gulf Keystone's chief operating officer, commented: "Sheikh Adi-2 is a significant addition to our extremely active 2012/2013 drilling programme in the Kurdistan Region of Iraq. To date, we have completed or are currently drilling 13 exploration and appraisal wells across the four blocks in the region in which we have interest. The location for this well has been carefully selected and we believe that with Sheikh Adi-2 we are targeting a section of the reservoir which is potentially more naturally fractured and much more similar to the Shaikan discovery.

"Our present goal is to prove up the impressive preliminary resource estimates for the Sheikh Adi block of 1 to 3 billion barrels of gross oil-in-place (P90 to P10 estimates), which were assigned by Dynamic Global Advisors as a result of the Sheikh Adi-1 drilling. In the future, this well will benefit from its proximity to the available infrastructure on the adjacent Shaikan block."


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