Gulf Keystone encouraged by well results

1st Nov 2010 07:51

Kurdistan-focused oil company Gulf Keystone said log results and oil shows to date from its Sheikh Adi-1 exploration well have been encouraging.Log evaluation from drilling at the Sheikh Adi-1 well indicates high hydrocarbon saturations over a minimum gross interval of 50 metres in the first Cretaceous zone encountered, but hole stability issues currently preclude the possibility of a production."The well logs and oil shows in this well not only point towards significant potential in the Cretaceous but also serve to further de-risk the oil potential of at least the Jurassic age targets deeper in this well," said John Gerstenlauer, chief operating officer of Gulf Keystone.Plans are to drill ahead to the primary targets and leave the Cretaceous intervals for later testing.The acquisition of approximately 525 square kilometres of 3D seismic data for the Shaikan block is 98% complete and data processing and evaluation have commenced. On Sheikh Adi, around 300 square kilometres of seismic data acquisition is 10% complete.