Gulf Keystone reports 'very significant' new discovery

6th Oct 2009 07:11

Kurdistan-focused oil group Gulf Keystone has discovered oil in the upper portions of the Triassic section of the Shaikan - 1 exploration well. A limited test resulted in oil rates up to 2,000 bopd and associated gas rates of up to 2 mmscf/d, yielding a gas/oil ratio of approximately 1,000 scf/bbl.This high energy, light oil discovery is in addition to the 2 to 4bn barrels of heavier oil previously announced at various levels throughout the shallower Jurassic intervals, Gulf said.'The discovery of a higher energy reservoir in the upper portions of the Triassic section of the Shaikan - 1, while very significant in its own right, should also prove very beneficial to future development and exploitation of the large reserves of heavier, low GOR oil in the Jurassic portion of the well,' Todd Kozel, chairman and chief executive commented.