Gulf Keystone Confirms Kurdistan Oil Discovery

Gulf Keystone announced that Kalegran Ltd., a 100% subsidiary of MOL Hungarian Oil and Gas Plc. and the operator of the Akri Bijeel block in Kurdistan, concluded a successful oil test in the Bijeel-1 exploration well in the Akri Bijeel block. Undiluted equity working interests in Akri Bijeel are currently 80% Kalegran and 20% GKPI.

The tested zone is in the upper Jurassic and flowed at rates of up to 3,200 bopd with associated gas rates of 933,000 scf/d. Oil gravity was 18 degrees API and flowing wellhead pressure was 420 psi on a 48/64" choke.

Drilling operations are still in line with previously announced plans, following completion of the full test cycle, drilling will resume from the current depth of 3831m to a final planned depth of approximately 4400m, pending actual well results.


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