Gulf Keystone pumping over 4,000 bpd from Shaikan

10 billion barrel Shaikan field to ramp up production this year

Appraisal drilling continuing as exports from main asset to ramp up in 2012.
Appraisal drilling continuing as exports from main asset to ramp up in 2012.

Gulf Keystone, a Bermuda-based independent with significant interests in the Kurdish region of Iraq, exited 2011 with daily production “in excess” of 4,000 barrels per day.

New EWT facilties at the Shaikan 1 &3 sites will allow export production to increase, the company said.

Production at Shaikan averaged 2,520 barrels per day in November 2011, with total gross production of 103,328 barrels as of 31 December 2011. The company operates Shaikan and holds a 75% interest in the field.

In a company statement today, Gulf Keystone confirmed appraisal drilling at three sites within the mammoth Shaikan block is continuing.

The Shaikan block holds an audited estimate 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 is also drilling two exploration and four appraisal wells at the Akri-Bijeel Block in Kurdistan this year.

An exploration well testing programme the Bekhme-1 well has yielded no commercial flow of hydrocarbons.

Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block, which is operated by a subsidiary of Hungarian firm MOL. MOL estimates Akri-Bijeel holds 2.4 billion barrels of oil-in-place on a P50 basis.

Meanwhile, the bit continues to spin at the first exploration well at Ber Bahr, which Gulf Keystone shares 40/60 with Genel Energy, the operator.

"As an important addition to Gulf Keystone's aggressive exploration and appraisal campaign, the Shaikan Extended Well Test provides us with an opportunity to continue to gain new data and better understanding of this world-class discovery in the Kurdistan Region of Iraq,” John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented. This early test production is also important to enhance the Company's already extensive commercial and marketing relationships on the ground in anticipation of further optimization of the Shaikan test production facilities and the commencement of the Bijell-1 extended well test on the Akri-Bijeel block in 2012."


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