OTCPK:WSRLF - Post by User
Post by
muley1on Feb 02, 2010 10:48am
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Post# 16743404
Happy Neighbours!
Happy Neighbours!
Gulf Keystone raises Shaikan oil-in-placeestimate to up to 7.4billion barrels
by Sergei Balashov
GulfKeystone Petroleum (AIM: GKP)has
upped the range of oil in place for the Shaikan structure inIraq’sKurdistan region to a gross 1.9 to 7.4 BBO (billion barrels ofoil) witha mean of 4.2 BBO in place after data from theCretaceous, Jurassic andTriassic formations of the Shaikan-1 well testedto a depth of 2,950metres was independently evaluated by Dynamic GlobalAdvisors.
Inaddition, the review put the upside potential to 13BBO in place inaddition to the deeper prospective resources below 2,950metres, whichare estimated at 1 to 5 BBO and 6 to 14 tcf (trillion cubicfeet).
Thepreviousestimate by Dynamic Global Advisors after testing the well to adepth of2,055 metres put the range of oil in-place for the structureat 1.0-5.3BBO with a mean of 2.8 BBO.
The Shaikhan-1 wellhasdiscovered a significant resource of oil and gas in theCretaceousSarmord, Jurassic Barsarin, Sargelu, Alan, Mus, Butmah, BalutiandTriasic Kurre Chine formations. The company said the discoverygreatlyreduced geologic risks in the company’s Sheikh Adi, Akri Bijeeland theBer Bahr blocks, proving hydrocarbon source and migration in thearea.
“Thisreport independently corroborates the world classquality of thediscoveries and provides invaluable data for our next testwellsappraising these finds. We are delighted with the results of thefinalDGA report evaluating Shaikan-1 and we look forward to realizing asmuchof the upside potential of this discovery as possible,” saidexecutivechairman Todd Kozel.
https://www.proactiveinvestors.co.uk/companies/news/12159/gulf-keystone-raises-shaikan-oil-in-place-estimate-to-up-to-74-billion-barrels--12159.html