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Gulf Keystone Confirms Akri-Bijeel Block Has Been Declared Commercial

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Gulf Keystone Petroleum Limited, an independent exploration and production operator, confirmed Friday that Kalegran Ltd., a 100 percent subsidiary of Hungarian oil and gas firm MOL Plc. and operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq on behalf of the contractor (Kalegran Ltd. with 80 percent working interest and Gulf Keystone Petroleum International Limited with 20 percent working interest), has declared the Akri-Bijeel Block commercial.

The full announcement from MOL Plc. is reproduced in full below:

Budapest, Oct. 31

Commercial discovery declaration and acceleration of work program on the Akri-Bijeel Block

MOL Plc. hereby informs the capital market participants that Kalegran Ltd. (a 100 percent subsidiary of MOL), as operator on behalf of the contractor (comprising Kalegran and Gulf Keystone Petroleum International Limited) officially declared the Akri Bijeel Block commercial based on the discoveries made by Bijell-1 well in Jurassic horizons and Bakrman-1 well in Triassic horizon. MOL is accelerating its work program through employing additional rigs and plans to submit the Field Development Plan for the whole block by the end of 2014.

Please find below an update on its ongoing work programs in the Akri-Bijeel block, Kurdistan, which is operated by Kalegran Ltd.

Operational highlights

  • Results of the Bakrman-1 exploration well: Triassic Kurra Chine B formation was subject to extended well testing from July 25 until Aug. 26. The well test confirmed long term production sustainability. Current tests gave maximum flow rates of 3,192 barrels per day light density oil with average 40 degree API gravity and 10.19 million standard cubic feet per day (MMscf/d) of sour gas on 64/64 inch choke. Submission of the Appraisal Work Program is due in 4Q 2013. Kurra Chine B formation Discovery is subject to Appraisal Work Program which has been started with a 3D seismic acquisition fully covering the Bakrman structure. Drilling 2 appraisal wells is planned to start in 2014 and we are targeting early oil production around in the first half of 2015. Independently from the Triassic discovery, potential Jurassic reservoirs are also targets of further wells
  • Appraisal program of Bijell-1 discovery: Kalegran Ltd and its partners are going on with the Appraisal Work Program of the Bijell Field. Extended Well Test (EWT) facility construction and commissioning was successfully finished. It is capable of handling up to 10,000 barrels per day gross nameplate capacity production on the Bijell-1 site. Due to technical issues a Bijell-1A well sidetrack is required (Bijell-1B), resulting in a delay to the start of the 180 day EWT, this has now been postponed to 1Q 2014. Drilling of Bijell-2 appraisal well is ongoing and will be followed with two further appraisal wells. Early oil production could be resumed from Bijell-1B in 1Q 2014. Expected EPF rates of 10,000 barrels of oil could be achieved by the end of 2014 through the tie in of three wells (Bijell-2, Bijell-4 and Bijell-6)
  • Rig availability: In order to efficiently progress the planned accelerated work stream we intend to employ 2 more drilling rigs than originally planned and work with 4 rigs by the end of the appraisal programs on the Akri Bijeel block

Alexander Dodds, executive vice president for Upstream commented: "MOL is pleased to announce commerciality on the Akri-Bijeel block after recent successful long term tests in our Bakrman discovery. Meanwhile, in the Bijell area we identified the potential to accelerate the work program and increase the number of rigs in order to finalize the appraisal activity as soon as possible and maximize EWT production during 2014. This declaration is another milestone in the fruitful relationship with KRG which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities."   


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