Gulf Oil and Gas accountACCOUNT

Shaikan Declaration of Commercial Discovery

Source: www.gulfoilandgas.com 8/10/2012, Location: Middle East

Gulf Keystone announces that Gulf Keystone Petroleum International Limited (Operator), Kalegran Ltd. and Texas Keystone Inc., collectively being the Contractor under the Production Sharing Contract relating to the Shaikan Block in the Kurdistan Region of Iraq dated 6 November 2007 (PSC), have submitted a Declaration of Commercial Discovery with effect from 1 August 2012 to the Shaikan Block Management Committee under Clause 12.6 (a) of the PSC.

The Contractor intends to submit its Field Development Plan to the Shaikan Block Management Committee within 180 days following the submission of the Declaration of Commercial Discovery.

Todd Kozel, Gulf Keystone's Executive Chairman and Chief Executive Officer commented: “Declaration of Commercial Discovery is an important milestone for Gulf Keystone. It marks the completion of the Shaikan appraisal programme and the move to the development of this world-class discovery. Preparation of the Shaikan Field Development Plan is already well underway, which we look forward to submitting within the next 180 days."

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