Gulf Keystone Awarded Two blocks in Algeria’s 6th International Bid Round

Source: www.gulfoilandgas.com 4/13/2005, Location: Africa

Gulf Keystone Petroleum, Ltd. (AIM-GKP), an independent oil exploration company operating in the Republic of Algeria , announces that it has been awarded two exploration blocks in Algeria's 6th international licensing round.

The awards were announced on April 9, 2005. Gulf Keystone's awards comprise block 129 on the Bottena perimeter in the South East Constantine Basin and blocks 317b1-322b3-347b-348-349b on the Hassi Ba Hamou perimeter in the Béchar Oued Namous basin.

Block 129 is located due east of Block 126a, which is currently operated by Gulf Keystone, and covers an area of 4,368.55 km². The block contains two existing SONATRACH discoveries, the Djebel Onk oil field and the Djebel Foua gas field. SONATRACH has previously acquired 5300 km of 2D seismic analysis and 379 km of 3D seismic analysis from which it has identified two exploration prospects and nine leads. The existing gas pipelines from Hassi R'mel to Tunisia and Europe cross the block.

Hassi Ba Hamou blocks 317b1-322b3-347b-348-349b cover an area of 18,380 km² and contain one existing SONATRACH discovery HBH-1. SONATRACH had previously acquired 4069 km of 2D seismic analysis and from that seismic it has identified five exploration prospects.

Whilst Gulf Keystone will have the benefit of the existing discoveries on these blocks, it will also actively pursue the exploration upside of both blocks. The Company has undertaken to drill three exploration wells.

Todd Kozel, Chief Executive Officer of Gulf Keystone said:
"We are extremely excited about the award of these two blocks. Block 129 expands our current position in the South East Constantine basin, while Hassi Ba Hamou secures a position in an entirely new prospective basin in Algeria with strong upside potential."



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