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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Gulf Keystone Petroleum Limited       BMG4209G1087

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Gulf Keystone Petroleum Limited : Shaikan-7 Deep Exploration Well

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06/19/2013 | 11:08am CEST
Gulf Keystone Petroleum Ltd.

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Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.

19 June 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Further exploration of the Shaikan commercial discovery with Shaikan-7

Gulf Keystone, a leading independent E&P operator in the Kurdistan Region of Iraq, is pleased to announce the commencement of the Company's drilling campaign to explore deeper, yet untested horizons of the world class discovery at the Shaikan field, which the Company operates.

Shaikan-7 to target significant exploration upside

Shaikan-7, the first deep exploration well on the Shaikan block, is targeting the mid to lower Triassic and, potentially, Permian horizons, spudded late on Sunday 16 June 2013.  The well is being drilled with the Weatherford Rig 319 (3000HP) close to the crest of the Shaikan structure, approximately 1 km east of the Shaikan-1 discovery well.

Shaikan-7 is being drilled to the lower Triassic to evaluate the potential for significant quantities of light oil and identify commerciality of the deeper Triassic reservoir.  The well is then expected to penetrate the Permian, the deepest undrilled horizon to date on the Shaikan structure.

This vertical well is planned to reach a total depth below 4,500m in the Permian and the drilling is expected to take about 9 months.

Commenting on today's announcement, John Gerstenlauer, Chief Operating Officer, said:

"As we are about to commence implementation of our Field Development Plan for the Shaikan discovery and start Jurassic production from the newly constructed Shaikan production facility, the spudding of our first deep exploration well adds a new and exciting dimension to Gulf Keystone's work programme in 2013.  With Shaikan-7, we hope to confirm our expectations of major reservoirs beneath the deepest horizon drilled to date and add to what is already recognised as one of the world's largest onshore conventional oil & gas developments."

Enquiries:

Gulf Keystone Petroleum:

+44 (0) 20 7514 1400

Ewen Ainsworth, Finance Director


Anastasia Vvedenskaya, Investor Relations




Strand Hanson Limited

+44 (0) 20 7409 3494

Simon Raggett / Rory Murphy / James Harris




Mirabaud Securities LLP

+44 (0) 20 7878 3362

Peter Krens




Pelham Bell Pottinger

+44 (0) 20 7861 3232

Mark Antelme / Henry Lerwill


John Gerstenlauer, the Company's Chief Operating Officer, who has 35 years of relevant experience within the sector and meets the criteria of a qualified person under the AIM note for mining, oil and gas companies, has reviewed and approved the technical information contained in this announcement.  Mr. Gerstenlauer is a member of the Society of Petroleum Engineers.

or visit: www.gulfkeystone.com

Notes to Editors:

§ Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.

§ The Company's shares have traded on the AIM market of the London Stock Exchange since listing on 8 September 2004.

§ Gulf Keystone Petroleum Limited is registered in Hamilton, Bermuda with further offices in Erbil, Kurdistan (Iraq), Algiers, Algeria and London, UK.

§ Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for fourexploration blocks in Kurdistan, including the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.

§ GKPIis the Operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.  Texas Keystone Inc.holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.

Not for release, publication or distribution, directly or indirectly, in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.  This announcement (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.  The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available.  No public offering of the securities will be made in the United States.


This information is provided by RNS
The company news service from the London Stock Exchange
ENDDRLUWOWRORANAAR
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EBIT 2017 18,1 M
Net income 2017 25,0 M
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EV / Sales 2017 1,88x
EV / Sales 2018 1,32x
Capitalization 350 M
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Average target price 3,26 $
Spread / Average Target 116%
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