Gulf Keystone is pleased to announce that the Shaikan-5 appraisal well has spudded on the Shaikan block in the Kurdistan Region of Iraq on 28th October 2011.
Shaikan-5 is the third deep appraisal well to be drilled on the Company's major oil discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels and 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels.
Shaikan-5 is being drilled 6 km to the north-east of the Shaikan-2 appraisal well. The well will target prospective intervals in the Jurassic and Triassic to reach the planned total depth of approximately 3,500 metres.
Gulf Keystone is the Operator of the Shaikan block 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.
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