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Gulf Keystone Provides Updates on Iraq Oil Fields

Source: www.gulfoilandgas.com 9/12/2012, Location: Middle East

Gulf Keystone, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, announces its results for the six months ended 30 June 2012.

Shaikan (75% working interest; Operator)
- 83% increase in gross oil-in-place numbers (PMean) for the Shaikan discovery with a new range of 12.4 billion (P90) to 15.0 billion (P10) barrels, with a mean value of 13.7 billion barrels, following independent evaluation by Dynamic Global Advisors (DGA) in July 2012
- Completion of the agreed five-well appraisal programme of the Shaikan field with the drilling of the Shaikan -4, -5 and -6 appraisal wells and testing of Shaikan -4 and -6
- Submission of the Declaration of Commercial Discovery for the Shaikan field with effect from 1 August 2012
- Spudding of Shaikan-8, the first post-appraisal well
- Ongoing work on the Shaikan Field Development Plan to be submitted within 180 days following the Declaration of Commercial Discovery
- Construction of two new early production facilities (PF -1 and -2, formerly known as EWT -1 and -2) is nearing completion, with the first unit due to become operational in January 2013 and the second by the end of the first quarter 2013
- Following completion of the preliminary design work, awaiting confirmation of the final route of the Shaikan export pipeline

Sheikh Adi (80% working interest; Operator)
- Sheikh Adi-2, the second exploration well on the block, spudded in May 2012 and has been drilled to a measured depth of 2,754 metres, with a plan to conduct a well testing programme across 7 target zones

Akri-Bijeel (20% working interest)
- Based on the Bekhme-1 exploration well's log data, DGA calculated a range of 2.5 billion (P90) to 5.4 billion (P10) barrels of gross oil-in-place resources for the Aqra/Bekhme anticline
- Bijell-3 well, spudded in January 2012 to appraise the Bijell discovery of 2.4 billion (P50) barrels of gross oil-in-place, as calculated by the operator of the block. The well is currently drilling at a measured depth of 4,974 metres and, given good preliminary results of the logs and cores, will be followed by a well testing programme
- An early production facility for the Bijell discovery is being constructed to be installed by the end of 2012
- Bakrman-1 exploration well spudded in May 2012 and is currently approaching the planned 7 inch casing point at 3,637 metres and, given good preliminary results of the logs and cores, will be followed by a well testing programme
- Gulak-1 exploration well spudded in July 2012 and is currently drilling in the upper Jurassic below a measured depth of 1,600 metres

Ber Bahr (40% working interest)
- Ber Bahr-1, the first exploration well on the block, was drilled to a total depth (TD) of 3,930 metres and encountered a 300 metres oil column in the Jurassic. The well has been temporarily suspended while a work over rig is moved to the location to conduct a further well test with results expected in the fourth quarter 2012.

Todd F Kozel, Executive Chairman and CEO of Gulf Keystone, commented: "As an independent explorer and operator in the Kurdistan Region of Iraq, we are proud of our outstanding operating record to date with 15 wells drilled or currently being drilled across the four blocks and ambitious targets consistently being met. Since mid-July, we have announced another major upgrade of Shaikan's gross oil-in-place volumes following independent evaluation, completed a very successful appraisal programme of this world-class discovery and declared the field commercial. Gulf Keystone is now in transition from the exploration and appraisal phase to the large-scale staged development and production of the Shaikan field, which will be both challenging and exciting".

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