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Gulf Keystone has completed the RTBW-1 exploration well

Source: www.gulfoilandgas.com 8/18/2005, Location: Africa

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Gulf Keystone Petroleum, Ltd. (AIM-GKP), an independent oil exploration company, has completed the RTBW-1 exploration well drilled in the southwest area of Block 126 in northeast Algeria’s Constantine Basin. The well was drilled and logged to a total depth of 3100 metres.

This well confirms Gulf Keystone’s geologic theory of a new play on Block 126a as well as confirming the presence of hydrocarbons in the reservoir system. Although preliminary log analysis and petro-physical analysis show the reservoir to be structurally lower than the Company expected, and therefore wet, the directors of Gulf Keystone are optimistic about the ongoing exploration potential in the southwest area of Block 126 confirmed by this well.

Gulf Keystone is planning to test this exploration play with a new exploration well structurally higher to the RTBW-1 well location. The Company is currently processing and interpreting existing 3-D seismic data to select another well location.

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