Ryder Scott Kurdistan Study R

RNS Number : 3037A

Gulf Keystone Petroleum Ltd

31 January 2011

 



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.

31 January 2011

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Ryder Scott Kurdistan Study Results

Gulf Keystone announces the completion of an additional third party analysis of the gross oil in place resources resulting from the Shaikan-1 discovery well.  The Company has previously reported gross oil in place resources, on a P90 to P10 basis, of 1.9 to 7.4 billion barrels with a mean value of 4.2 billion barrels.  These values were the result of an independent, third party analysis conducted by Dynamic Global Advisors (DGA) of Houston, Texas. 

In order to reinforce the potential size of this world class oil discovery, the Company commissioned Ryder Scott, also of Houston, Texas to do an additional third party analysis, using all data available through November 30, 2010.

The Ryder Scott results, for gross Total Petroleum-Initially-in-Place (PIIP), on the same P90 to P10 basis and using more conservative porosity and water saturation cutoffs, was 1.52 to 7.52 billion barrels of total PIIP with a mean of 4.04 billion barrels.  The full study is posted on the Company's website.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented 

"The Ryder Scott study resulted in essentially the same gross range of total PIIP, despite using an even more conservative porosity and water saturation cutoff on the net pay interval calculations.  This clearly confirms the earlier PIIP estimates made by both Gulf Keystone and DGA, demonstrates the robust nature of this oil discovery and bodes well for future upside potential."

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
Pelham Bell Pottinger	[phone]
Mark Antelme

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 fourexploration 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.

§ The estimates for Total Petroleum-Initially-in-Place noted herein and references to Ryder Scott results are excerpts from the full report prepared by Ryder Scott Company and subject to the criteria discussed therein.

§ Oil initially-in-place is that quantity of petroleum that is estimated, as of a given date, to be contained in potential accumulations prior to production. The range of uncertainty of the oil-in-place volumes is represented by a probability distribution with a low 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 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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