TSXV:ART.H - Post by User
Post by
FXi7on Aug 25, 2009 10:02am
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Post# 16246753
Posted at WZR
Posted at WZRLondon-listedexplorer Gulf Keystone Petroleum has found more oil at the Shaikan-1exploration well in Iraq's Kurdish region, prompting it to raise itsestimates for oil-in-place. GulfKeystone said the well, which is at 1710 metres, hit an oil column ofmore than 170 metres within the Sargelu, Alan and Mus formations.
"Thisnew data provides Gulf Keystone with grounds for a revised range ofoil-in-place volumes of between 1.5 billion and 3 billion barrels forthe oil encountered, thus far," Gulf Keystone said in a statement.
"Evenat this early stage, the commerciality of this discovery issubstantially strengthened by our upward revision of the oil-in-placeestimate," it said.
Thecompany had earlier planned to drill deeper with the same well intoformations that could hold more than 1.5 billion barrels of oil.