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RNS Number : 8155B
Gulf Keystone Petroleum Ltd.
23 April 2012
Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.
23 April 2012
Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Shaikan-4 Well Test Achieves 24,000 bopd
The Company has completed the testing programme for the Shaikan-4 deep appraisal well, drilled 6 km to the west of the Shaikan-1 discovery well in the Kurdistan Region of Iraq.
The extensive well testing programme commenced in December 2011 after Shaikan-4 had drilled to a total depth ("TD") of 3,387 metres. Preliminary results of the Shaikan-4 drilling operations were a significant contribution to the new data used by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants, to calculate an addition of over 3 billion barrels of gross oil-in-place volumes for the Shaikan discovery announced in November 2011.
In the course of the Shaikan-4 well testing programme the Company has conducted seven well tests in all target formations in the Triassic (Kurre Chine-A, Kurre Chine-B and Kurre Chine-C), Jurassic (Butmah and Lower and Upper Sargelu) and Cretaceous (Chia Gara). Additionally, the Company has performed an acidization and retest of the Sargelu formation interval as part of the well completion process.
As a result of the Shaikan-4 well testing programme, the Company has achieved total maximum aggregate flow rates of 24,000 barrels of oil per day ("bopd").
Following the Company's decision not to test portions of the well that appeared to be high quality oil reservoir on the electric logs, and where proven commercial flow rates had been achieved by testing previous wells on the Shaikan block, most of the tests have been conducted in zones which looked marginal on the well logs.
Within the total maximum aggregate number of 24,000 bopd, flow rates of about 4,500 bopd have been achieved in a new zone in the Jurassic Upper Sargelu, previously untested by the Company, and producible oil has been established in the Cretaceous Chia Gara for the first time, albeit at relatively low rates (130 bopd).
Following the conclusion of the Shaikan-4 well testing programme, the well is being completed as a producer and will be tied to the Shaikan-1 and Shaikan-3 Extended Well Test facility.
The Discoverer-4 rig will move to the drilling location of the Sheikh Adi-2 exploration well, north of the Sheikh Adi-1 exploration well, which is expected to spud in June 2012.
Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.
John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:
"Shaikan-4 is our best well drilled to date in the Kurdistan Region of Iraq in terms of the total net pay. These results are particularly impressive because we decided to focus most of our testing on multiple zones of the reservoir, which looked marginal on the well logs. This was done in order to assess the actual log properties required to have a viable producing interval. We have been pleasantly surprised by achieving good flow rates in a new zone in the Upper Sargelu in the Jurassic and finding producible oil in the Chia Gara in the Cretaceous for the first time. In addition, we have more than doubled our initial flow rates in the tested Sargelu interval to over 14,000 bopd following its acidization and retest.
The total maximum aggregate flow rates of 24,000 bopd are very significant for Gulf Keystone as we look forward to completing our appraisal of this massive structure with the Shaikan-5 and Shaikan-6 wells and gradually increasing our test production volumes from Shaikan to above 10,000 bopd in 2012. Clearly, Shaikan-4 is another important step forward toward achieving our goal of fully realizing the potential of the giant Shaikan discovery."
Gulf Keystone Petroleum
+44 (0) 20 7514 1400
Todd Kozel, Executive Chairman and
Chief Executive Officer
Ewen Ainsworth, Finance Director
Strand Hanson Limited
+44 (0) 20 7409 3494
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP
+44 (0) 20 7878 3362
Pelham Bell Pottinger
+44 (0) 20 7861 3232
or visit: www.gulfkeystone.com
John Gerstenlauer, the Company's Chief Operating Officer, who has 33 years of relevant experience within the sector and meets the criteria of a qualified person under the AIM note for mining, oil and gas companies, has reviewed and approved the technical information contained in this announcement. Mr. Gerstenlauer is a member of the Society of Petroleum Engineers.
Notes to Editors:
§ Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.
§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for fourexploration blocks in Kurdistan, including the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
§ Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis, with a mean value of 10.5 billion barrels.
§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8th September 2004.
§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with further offices in Erbil, Kurdistan (Iraq), Algiers, Algeria and London, UK.
§ Gross oil-in-place (or petroleum-initially-in-place) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The range of uncertainty of the oil-in-place (petroleum-initially-in-place) volumes is represented by a probability distribution with a low, mid and high provided: P90 represents at least a 90% probability (high) that the quantities determined to be in place will equal or exceed the low estimate; P50 represents at least a 50% probability (mid) that the quantities determined to be in place will equal or exceed the mid estimate; and P10 represents at least a 10% probability (low) that the quantities determined to be in place will equal or exceed the high estimate.
Not for release, publication or distribution, directly or indirectly, in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.
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Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Response to Speculation
Gulf Keystone notes the continued and unfounded speculation on various bulletin boards and other social media sites regarding an alleged planned placing of the Company's shares at 160p per share.
Gulf Keystone does not normally comment on such unfounded speculation. However, due to the damaging and misleading nature of these various comments which have been posted on bulletin boards and other social media sites during the past 24 hours, the Company feels it must respond.
Accordingly, Gulf Keystone is pleased to confirm categorically that it has no current intention of undertaking an institutional fundraising.
The Company is also pleased to confirm that the process regarding the sale of its 20% stake in the Akri-Bijeel block in the Kurdistan Region of Iraq, is continuing and negotiations are ongoing with several interested bidders. The Company will issue further updates as appropriate.
The Company is currently taking legal advice with regard to the continued and unfounded speculation on various bulletin boards and other social media sites and will be taking all available legal action to prevent further repetition of similar speculative comments on bulletin boards and other social media sites.
Todd Kozel, Executive Chairman and Chief Executive Officer, commented:
"We are working hard to create shareholder value via the continuing 2012/2013 exploration and appraisal programme on our world-class assets in the Kurdistan Region of Iraq. We will not tolerate malicious attempts to damage the Company's reputation and share price. We have instructed the Company's lawyers to use all means necessary to protect our shareholders from this malicious and unfounded attack."