22nd Sep 2005 07:00
Gulf Keystone Petroleum Ld22 September 2005 22 September 2005 Gulf Keystone Petroleum Limited ("Gulf Keystone" or "The Company") GKS-2 Well Update Gulf Keystone (AIM - GKP.L), an independent oil exploration company operating inthe Republic of Algeria, today announces that the Company has completed theworkover of well GKS-2. GKS-2 was discovered by SONATRACH in 1994 prior to the Company entering into theproduction-sharing contract for Block 126 in 2001. Initial testing forproduction at GKS-2 by SONATRACH then showed maximum flow rates of 2,737 bopdand 2,241 mcfd. The workover of GKS-2 was necessary to re-complete the well because it wastemporarily abandoned. Gulf Keystone Petroleum conducted flow tests over a 3 day period fromperforations over the Turonian and Cenomanian reservoirs, over intervals between3,685 meters and 3,794 meters. Production testing of the well resulted in ameasured flow rate of 4,586 barrels of oil per day and 4.61 million cubic feetof gas per day at a flowing wellhead pressure of 1,774 pounds per square inchthrough a 40/64 inch choke. Todd Kozel, Chief Executive of Gulf Keystone said: "We are delighted with the results from GKS-2. The flow rates are much improvedon those previously experienced and are an encouraging start to our workoverprogramme. This is a successful step towards moving the GKS structure intocommercial production." Enquiries: Gulf Keystone (0207 514 1400) Todd Kozel - Chief Executive Officer Citigate Dewe Rogerson (020 7638 9571) Media: Martin Jackson/Rachel Lankester Analysts: Nina Soon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gulf Keystone Petroleum