Gulf Keystone Announces Drilling Rig Contracted for Kurdistan Region, Iraq

[GottaDash]

(oilvoice.com) -Gulf Keystone Petroleum Ltd., an AIM listed independent oil and gas exploration and production company with assets in Algeria and Kurdistan, announces that Gulf Keystone Petroleum International Limited (”GKPIL”), a wholly owned subsidiary of Gulf Keystone, in partnership with Kalegran Ltd ("Kalegran"), a subsidiary of MOL Hungarian Oil and Gas Public Limited Company ("MOL") has contracted Weatherford Drilling International (BVI) Ltd. (“WDI”), to supply a drilling rig for a minimum two well programme in Kurdistan.
The tripartite agreement between GKPIL, Kalegran and WDI is for two firm wells and a further three optional wells. The first well to be drilled in the Shaikan Block is targeted for early 2009.

The new build NOV IDEAL 1500HP rig is expected to be shipped from Houston during the 4th quarter of 2008. After drilling the well in the Shaikan Block (GKPIL Operated) the rig will be mobilised to drill a well in the Akri-Bijeel Block (Kalegran Operated).

The acquisition of well head and casing is also well advanced with GKPIL and Kalegran having established a pipe yard near Maraiba in the Shaikan Block with stock on location and in transit.

The Shaikan Block is situated near the city of Dihok, approximately 85 kilometres North-West of Erbil and covers an area of 283 square kilometres.

The Akri-Bijeel Block is adjacent to the Shaikan Block and covers an area of 889 square kilometres.

"I am delighted that we now have a drilling rig contracted for Kurdistan with firm plans for a minimum of two wells, the first well, on the Shaikan block, is scheduled to spud in early 2009. This rig contract is a tangible benefit of our recent successful fund raising and the demonstrably rapid progress which we and our partners are making in Kurdistan is testimony to our close working relationships.”

http://www.peyamner.com/details.aspx?l=4&id=76873

[treesap]

Taken from Rig Zone (http://www.rigzone.com/news/article.asp?a_id=75555) :

Gulf Keystone announced that drilling activities have now commenced in Kurdistan and just before midnight on April 27, the Company spudded its first exploration well, Shaikan-1, on the Shaikan Block. Drilling is anticipated to take 4 to 5 months to complete.

The Shaikan Block is situated near the city of Dihok, approximately 85 kilometers North-West of Erbil and covers an area of 283 square kilometers. The Shaikan-1 well is being drilled in a proven hydrocarbon area, in reasonable proximity to other successful discovery wells. The Shaikan Block lies directly between the Tawke and Taq Taq oil fields and in an area of active oil seeps.

Shaikan-1 is targeting multiple horizons ranging from 600 meters to approximately 3,000 meters in depth. In the event of a discovery well being drilled, the multiple horizons have aggregate anticipated in place reservoir volumes in the range of 2 billion barrels of oil as estimated by the Gulf Keystone technical team.

Upon completion of the Shaikan-1 well the commitments under the first phase of the PSC will have been completed with an option to enter into phase 2.

Mr. Todd Kozel, Executive Chairman of Gulf Keystone, commented, "The spudding of our first well in Kurdistan is perhaps one of the most significant milestones in the Company's history to date. Given the multiple target horizons and the 2 billion barrels anticipated in place reservoir volumes, this is clearly an exciting moment for Gulf Keystone."
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Based on that they are now 5 weeks into drilling. Have their been any rumours as to how it has gone so far?