Gulf Keystone ups oil estimates at Shaikan-1

14th Jan 2010 14:57

Gulf Keystone has increased its oil in-place estimates for the Shaikan-1 discovery in the Kurdistan region of northern Iraq to between 1.9bn and 7.4bn barrels of oil.Previous estimates were for between 1bn and 5bn, with additional upside potential to a total of 13bn barrels of oil in place. 'This report independently corroborates the world class quality of the discoveries and provides invaluable data for our next test wells appraising these finds'' said Gulf's executive chairman Todd Kozel. 'We are delighted with the results of the final DGA report evaluating Shaikan-1 and we look forward to realizing as much of the upside potential of this discovery as possible.'