Iraq: Gulf Keystone Petroleum provides update on the Shaikan-3 shallow appraisal well

Iraq: Gulf Keystone Petroleum provides update on the Shaikan-3 shallow appraisal well

14 Feb 2011

Gulf Keystone Petroleum has announced an update on the Shaikan-3 shallow appraisal wll. Following completion as a Sargelu/Alan formation producer and as a result of an acid treatment, Shaikan-3 has achieved a rate of 9,800 bopd.

The stabilized flow rate was recorded on a 128/64th inch choke with a flowing tubing pressure of 264psi. The higher rate achieved by Shaikan-3, an improvement of approx. 30% on the previously reported rate of 7,480 bopd for Shaikan-1, is due to the removal of formation plugging around the well bore. Since data gathered from Shaikan-1 also indicates formation plugging a similar acid treatment will be performed on this well.

Both Shaikan-1 and Shaikan-3 are tied into the nearby extended well test facilities with a storage capacity of over 20,000 barrels.

The Company has a 75 percent working interest in the Shaikan block and is partnered with the MOL subsidiary, Kalegran, and Texas Keystone which have the remaining 20 and 5 percent working interests respectively.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented: 'The productivity increase achieved as a result of this acid treatment once again demonstrates the robust nature of these reservoirs and bodes well for our current oil sales and future field development.'

Source: Gulf Keystone Petroleum