Gulf Keystone confident in Kurdistan after test results

published 23 January 2012

The Shaikan-4 well could be the best well that Gulf Keystone has logged to date in the Kurdistan Region of Iraq, the firm's Chief Operating Officer said on Monday.

In the first well test conducted in the Kurre Chine C formation, Shaikan-4 achieved a flow rate of 563 barrels of oil per day (bopd) and flowed at a rate of 3.65 million cubic feet of gas per day (mmscf/d) at a 328 psi flowing wellhead pressure.

In the second test, the well tested a "thin zone" at the bottom of the Kure Chine B formation achieving a flow rate of 4,970 bopd and 7.0 mmscf/d of gas at a 1,101 psi flowing wellhead pressure with initial results indicating a 39 degree API fluid.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Chief Operating Officer John said: "initial results of the Shaikan-4 well testing programme are very encouraging with logging results indicating that Shaikan-4 may be the best well which Gulf Keystone has logged to date in the Kurdistan Region of Iraq."

"We look forward to adding to our already outstanding drilling success in the region by completing further Shaikan-4 well tests, which will be followed by more results from the Shaikan-5 and Shaikan-6 appraisal wells before the appraisal programme of the Shaikan world-class discovery is completed," Gerstenlauer added.