Gulf Keystone finds more in Shaikan-1

23rd Nov 2009 08:24

Shares in Kurdistan-focused oil group Gulf Keystone leapt higher as it reported further large discoveries on its Shaikan-1 prospect.An additional Triassic formation discovery in the Shaikan-1 well in Kurdistan could mean additional, potential aggregate rates of about 24,000 barrels equivalent per day, Gulf Keystone said.Overall, the Shaikan-1 well has discovered over 1000 meters of oil column and 200 meters of net pay, it added. Gulf Keystone has so far tested less than 30% of this net pay. This 30% of net pay demonstrated the capability for 31,000 boe per day of aggregate production (7,000 bopd from the Jurassic and 24,000 boe per day from the Triassic). This aggregate potential should rise significantly as the company undertakes longer term well tests that will be conducted after the drilling rig leaves location, it said."The upper Triassic oil and condensate finds announced today, with their associated gas volumes, will be invaluable in the development of the Shaikan discoveries," John Gerstenlauer, Chief Operating Officer, added.