Gulf Keystone has appointed Dynamic Global Advisors ("DGA"), an independent E&P advisory, to perform an independent assessment of discoveries made in the Company's Shaikan-1 well in the Kurdistan region of northern Iraq.
DGA will shortly issue a preliminary report on the previously announced oil discoveries in the Shaikan-1 well between 1467m to 1710m MD. This initial report will subsequently be revised to incorporate the log results of the additional oil intervals between 1710m and GKP's planned 9-5/8" casing point to be set at approximately 2500m MD. GKP anticipates reaching this casing point in the immediate future.
Beyond the 9-5/8" casing shoe, the Shaikan-1 well will drill into the Triassic rock layers to explore the remaining primary hydrocarbon targets, before reaching final target depth at 3200 to 3500m MD. DGA has also been commissioned to address any findings of interest for investors in this phase of drilling.
Todd Kozel, Executive Chairman of Gulf Keystone, commented, "We are delighted to announce the appointment of Dynamic Global Advisors as an independent consultant to Gulf Keystone. The board of GKP believes it is a constructive and valuable step to provide investors and other stakeholders with third-party analysis and assessment of the discoveries at this relatively early stage.
"GKP will shortly be poised to explore below the next geological horizon, the Triassic level, where we will very likely encounter different drilling conditions. The Triassic level contains an exciting set of target structures, and we look into the future with optimism as we continue to drill towards final target depth."
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