Jurassic Zone Testing on the

RNS Number : 5555Q

Gulf Keystone Petroleum Ltd

05 August 2010

 



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.

5 August 2010

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Jurassic Zone Testing on the Shaikan-1 Discovery Well

Gulf Keystone announces the results of further testing of the Butmah (1783m to 1814m) section of the Jurassic on its Shaikan-1 discovery well. Final production rates during this week's re-test were measured at 4650 bopd with an API gravity of 17.68 degrees and a gas oil ratio of 34 standard cubic feet per barrel of oil at a flowing wellhead pressure of 295 psi. This is in line with the previously estimated rate.

The Mus (1627m to 1667m) section of the Jurassic will be re-tested next, followed by the Sargelu (1450m to 1510m), which will then also be configured for long term production testing.

John Gerstenlauer, Chief Operating Officer for Gulf Keystone said "I am encouraged by this verification of the flow capacity of the Butmah formation. This test represents another step in our efforts to confirm and define the magnitude of the Shaikan discovery. The well has now demonstrated an aggregate flow capacity of over 20,000 bopd from just a fraction of the total prospective interval. I look forward to further testing and also to commercial oil sales from the long term test of the Sargelu, commencing later this year."

Enquiries:

Gulf Keystone Petroleum:	[phone]
Todd Kozel, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
Strand Hanson Limited	[phone]
Simon Raggett / Rory Murphy / James Harris
Mirabaud Securities LLP	[phone]
Peter Krens
Brunswick Group LLP	[phone]
Patrick Handley / Pip Green

or visit: www.gulfkeystone.com

John Gerstenlauer, the Company's Chief Operating Officer, who has 31 years of relevant experience within the sector meets the criteria of a qualified person under the AIM note for mining, oil and gas companies and 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 company focused on exploration in the Kurdistan region of Northern Iraq.

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan.

§ The Company's shares have traded on the AIM market, since listing on 8 Sept 2004.

§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with offices in Erbil, Kurdistan, Algiers, Algeria and London, UK.

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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