Gulf Keystone Petroleum provide Kurdistan operational update spudding of Bakrman-1 exploration well
Friday, May 11, 2012

Gulf Keystone is pleased to announce that the Bakrman-1 exploration well spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq on 7 May 2012.

Bakrman-1, the third exploration well to be drilled on the Akri-Bijeel block, is located 32 km to the north-west of the Bijell-1 discovery well and 25 km to the north-west of the Aqra-1 appraisal well, which is currently being drilled to appraise the Bijell discovery.

The well is part of the operator's extensive exploration and appraisal programme, which also includes the drilling of the Gulak-1 exploration well and three additional appraisal wells (Bijell-2, Qalati-1 and Qandagul-1). Bakrman-1 will target prospective intervals in the Jurassic, with a planned total depth of approximately 3,600 metres in the Lower Jurassic.

Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block, operated by Kalegran Ltd., a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc., which holds an 80 per cent working interest in the block. The operator's P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place, while the ongoing 2012/13 exploration and appraisal programme is targeting existing and identified hydrocarbon prospects in the Akri-Bijeel block.

John Gerstenlauer, the Company's Chief Operating Officer, who has 33 years of relevant experience within the sector and meets the criteria of a qualified person under the AIM note for mining, oil and gas companies, has reviewed and approved the technical information contained in this announcement.  Mr. Gerstenlauer is a member of the Society of Petroleum Engineers.

Source: Gulf Keystone

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