Gulf Keystone Reports Shaikan Field Oil-in-Place Upgrade

Source: www.gulfoilandgas.com 7/19/2012, Location: Middle East

Gulf Keystone will hold the Company's Annual General Meeting (AGM) in line with the Notice of the 2012 AGM dated 22 June 2012.

Prior to today's AGM, Gulf Keystone Petroleum Ltd. is pleased to announce another major upgrade of the gross oil-in-place volumes for the Shaikan field in the Kurdistan Region of Iraq.

The revised gross oil-in-place volumes for the Shaikan field, as calculated by Dynamic Global Advisors (DGA), independent, Houston-based exploration consultants, are a P90 value of 12.4 billion barrels to a P10 value of 15 billion barrels of oil-in-place, with a mean value of 13.7 billion barrels.

This very significant upgrade of the Shaikan resources estimates revises the previously announced range of 8.0 to 13.4 billion barrels of gross oil-in-place with a mean value of 10.5 billion barrels.

This upgrade is based on the data acquired since the last resource evaluation of the Shaikan discovery by DGA issued in November 2011 and is the fourth successive upward revision by DGA since the Shaikan discovery was announced in August 2009.

DGA's conclusions are based on the new data acquired as a result of:
- Daily geological reports, lithlogs, mud logs, well logs, well tests and core reports for the Shaikan-5 and -6 appraisal wells, including logs and cores samples obtained with the Shaikan-6 well indicating the deepest oil shows recorded by the Company to date.
- Re-mapping and re-interpretation of the Shaikan reservoir horizons, including the Cretaceous Sarmord and Chia Gara formations, the Jurassic Sargelu, Alan, Mus and Butmah formations, the Triassic Baluti formation and the A, B and C members of the Kurra Chine formation, using the latest results of the 3D seismic data interpretation applied to the Shaikan-2, -4, -5 and -6 appraisal wells.
- Net pay mapping for 10 reservoir intervals across the Shaikan anticline
- Updated data from the Shaikan-1 discovery well and Shaikan-2, -3, -4, -5 and -6 appraisal wells, which now includes volumes from the Cretaceous Chia Gara and the Triassic Baluti formations.

This upgrade represents a much tighter distribution of the Shaikan gross oil-in-place volumes, with the P90 value having increased by 4.4 billion barrels.

It indicates a narrowing gap between the P90 and P10 values, currently standing at 2.6 billion barrels of gross oil-in-place, which is a firm confirmation of the progress made in the understanding of the dimensions of the giant Shaikan field.

DGA's updated estimates also indicate an increase in the mean value of Shaikan's associated gross gas-in-place volumes from 3.5 trillion cubic feet to 4.9 trillion cubic feet.

This report marks the completion of the appraisal programme of the Shaikan field and will be followed by the submission of a Declaration of Commerciality by the Company to the Ministry of Natural Resources of the Kurdistan Regional Government, under the terms of the Production Sharing Contract regarding the Shaikan block. This Declaration of Commerciality will be followed by the submission of an Appraisal Report within two months.

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. Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer, commented: "Sometimes people get complacent about our operational track record. This latest upgrade, which now includes results from the Shaikan discovery well and five appraisal wells, is a timely reminder about Gulf Keystone's stellar drilling performance in the Kurdistan Region of Iraq.


United States >>  7/1/2022 - As the second step in a three-step planning process, the Department of the Interior issued the “Proposed Program” for the National Outer Continental S...
United States >>  7/1/2022 - On July 1, 2022, the Department of the Interior (DOI) announced the availability of the Proposed Program for the 2023-2028 National Outer Continental ...

United Kingdom >>  6/28/2022 - Baron Oil Plc, the AIM-quoted oil and gas exploration company with projects in SE Asia and the UK, announces that at the Annual General Meeting of the...
Egypt >>  6/27/2022 - Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, discussed with Roger Planck, Chairman of the Board of Directors of the American ...

Mongolia >>  6/27/2022 - The AIM-listed Mongolian oil explorer Petro Matad Limited ("Petro Matad" ) releases its audited final results for the fiscal year that ended on Decemb...
Uruguay >>  6/27/2022 - With assets in oil production, appraisal, development, and exploration across the region, Challenger Energy (CEG), an oil and gas company with a focus...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.