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Gulf Keystone Petroleum Ltd. announces new discovery in the Kurdistan Region of Iraq

Wednesday, Feb 20, 2013

Gulf Keystone notes today's update by MOL Hungarian Oil and Gas Plc., the operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq (in which Gulf Keystone has a 20 per cent working interest), on its extensive exploration and appraisal programme.

Bakrman-1 Exploration Well Discovery

Bakrman-1, the first exploration well to target the Bakrman structure on the Akri-Bijeel Block, has made a new Triassic discovery.  This is the second discovery on the block following the Bijell discovery made in 2010.

Bakrman-1 spudded in May 2012, 32 km to the north-west of the Bijell-1 discovery well.  The well was drilled to a total depth of 4,100 metres in the Kurra Chine B formation in the Triassic, following which a well testing programme commenced, targeting reservoir zones in the Jurassic and Triassic.  Two open hole tests and three cased hole tests have been performed to date.  According to the operator, the second open hole well test performed at 3,930-4,100 metres MD (measured depth) in the Kurra Chine B formation in the Triassic resulted in calculated daily flow rates of approximately 2,616 barrels of light (32 to 35 degrees API gravity) oil per day and a gas rate of approximately 5.86 million standard cubic feet per day.  The well testing programme is ongoing and is expected to be completed in April 2013.

Gulak-1 Exploration Well

Gulak-1, the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target the Gulak anticline, spudded in July 2012 and has been drilled 21 km to the east from the Bijell-1 discovery well and 5 km to the south from the Bekhme-1 exploration well to a total depth of 3,641 metres in the Kurra Chine B formation in the Triassic.  The well test programme, consisting of five tests, has now been completed.  In the course of the DST#4 performed at 2,385-2,420 metres MD in the Sargelu and Naokelekan formations in the Jurassic, minor inflows of between 22-30 degrees API oil were encountered.  Following the completion of the DST#5, it is proposed that the well will be suspended.

Bijell Appraisal Programme

Bijell-3, the first well to appraise the Bijell discovery, spudded in January 2012.  It has been drilled 8km to the north-west of the Bijell-1 discovery well and 26 km to the west-northwest of the Bekhme-1 exploration well to a total depth of 4,980 metres in the Sarki formation in the Lower Jurassic.  Following no commercial inflow of hydrocarbons being encountered during the course of a well testing programmeconsisting of seven tests, it is proposed that the well will be abandoned.  However, the extensive appraisal programme of the Bijell discovery continues with Bijell-7, which spudded in December 2012 10 km to the south-south-east from the Bijell-1 discovery well, and four further appraisal wells.  Bijell-2 and Bijell-5 are scheduled to spud in Q1 2013 and Bijell-4 and Bijell-6 are planned for Q3 2013.

Bijell Extended Well Test

Construction and commissioning of an Extended Well Test facility ("EWT") for the Bijell discovery is ongoing.  The Bijell EWT facility, of a total gross capacity of 10,000 barrels of oil per day and a storage capacity of 30,000 barrels, is scheduled to be completed in February 2013.  The facility will be tied to the Bijell-1 discovery well, which will be completed as a producer once a work-over rig has arrived in late February 2013 with first test production expected in May 2013.

Source: Gulf Keystone Petroleum Ltd.

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