3rd Jun 2005 07:00
Gulf Keystone Petroleum Ld03 June 2005 3 June 2005 GULF KEYSTONE PETROLEUM LIMITED ("Gulf Keystone" or "the Company") GKS-3 WELL SUCCESSFULLY SIDETRACKED Gulf Keystone Petroleum Limited ("Gulf Keystone" or the "Company"), anindependent oil & gas exploration company operating in the Republic of Algeria,today announces that the company has successfully sidetracked its GKS-3 well toa total depth of 3,975 metres. As planned, the sidetrack hole is only 30 metres from the original well and asexpected the well found the same quality reservoir. Analysis carried out byGulf Keystone's third party petrophysical consultants shows hydrocarbonspredicted from a gross interval of 37 metres containing 20 metres of net pay, asencountered in the original well. Gulf Keystone chose to sidetrack the GKS-3well in order to overcome a mechanical condition in the original hole thatprohibited completion by perforation and acid stimulation of the productiveinterval, the same operation that was required to produce flow in both the GKS-2and the GKN-1 wells. Gulf Keystone has scheduled Halliburton to bring in a snubbing unit in July toclean out, reperforate, test, and complete the GKS-2 well. This snubbing unitwill then be moved just 1 kilometre to the GKS-3 well for acid stimulation,testing, and completion of the pay zone similar to that performed by Sonatrachon the GKS-2 well. The drilling rig contracted by Gulf Keystone is currently moving from the GKS-3location to the RTBW-1 exploratory location. Enquiries Gulf Keystone (0207 514 1400)Caroline Brown - Chief Financial Officer Evolution Securities (020 7071 4300)Stuart Andrews Citigate Dewe Rogerson (020 7638 9571)Kate Delahunty/Nina Soon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gulf Keystone Petroleum