Gulf Keystone Petroleum Limited has announced that its 2D seismic program in the Shaikan Block, which was completed in April 2008, acquired 171 kilometers using a combination of vibrator and dynamite sources and satisfies the seismic acquisition obligation under the exploration phase of the PSC.
A preliminary interpretation by the Company’s internal technical team of the processed data has confirmed the existence in the subsurface, at the depth of prospective reservoir zones, of the large anticline which is visible at the surface outcrop and is at the surface some 26 kilometers in length and 5 kilometers in width.
The Company is planning to drill a well on the crest of the anticline for late 2008 to be drilled to approximately 3,500m. The well will target reservoir zones where oil has been discovered elsewhere in Kurdistan and northern Iraq, namely the Qamchuqa, Sehkaniyan and Kurre Chine. Other zones targeted by GKPL as having reservoir potential are the Chia Gara/Najmah and Chia Zairi.
Based on the preliminary seismic mapping, reservoir parameters from analogues in Kurdistan and northern Iraq, and estimates of reservoir parameters made by GKPL personnel GKPL estimates that should they drill a discovery well the five zones combined have potential unrisked in-place oil volumes of up to 2 billion reservoir barrels.
A seismic crew has been in the field of the Akri-Bijeel Block since early April and acquisition of approximately 400 kilometers of 2D seismic is ongoing which will satisfy the seismic acquisition obligation under the exploration phase of the PSC. In addition, extensive field mapping has been undertaken to map the surface geology of the license areas, and sample oil seeps discovered during the fieldwork.
The Akri-Bijeel Block is adjacent to the Shaikan Block and covers an area of 889 square kilometers.
"The early acquisition of seismic on Shaikan, which is allowing the partners to move quickly forward to drilling the first exploration well, is a credit to the co-operation between Gulf Keystone and MOL, as well as the valuable support we enjoy from the Kurdistan Regional Government," said Gulf Chairman and CEO Todd Kozel.
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