17th Aug 2005 07:30
Gulf Keystone Petroleum Ld17 August 2005 17 August 2005 Gulf Keystone Petroleum Limited ("Gulf Keystone" or "the Company") Drilling Update Gulf Keystone Petroleum, Ltd. (AIM-GKP), an independent oil exploration company,has completed the RTBW-1 exploration well drilled in the southwest area of Block126 in northeast Algeria's Constantine Basin. The well was drilled and loggedto a total depth of 3100 metres. This well confirms Gulf Keystone's geologictheory of a new play on Block 126a as well as confirming the presence ofhydrocarbons in the reservoir system. Although preliminary log analysis andpetro-physical analysis show the reservoir to be structurally lower than theCompany expected, and therefore wet, the directors of Gulf Keystone areoptimistic about the ongoing exploration potential in the southwest area ofBlock 126 confirmed by this well. Gulf Keystone is planning to test this exploration play with a new explorationwell structurally higher to the RTBW-1 well location. The Company is currentlyprocessing and interpreting existing 3-D seismic data to select another welllocation. Following abandonment, the Company is moving the drilling rig to spud GRJ-2 forappraisal of Gulf Keystone's GRJ-1 discovery well. Enquiries: Gulf KeystoneTodd Kozel - Chief Executive Officer (0207 514 1400) Citigate Dewe RogersonMartin Jackson/Nina Soon (020 7638 9571) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gulf Keystone Petroleum