Gulf Keystone finds oil in Kurdistan

Gulf Keystone has discovered oil in the upper portions of the Triassic section of the Shaikan-1 exploration well in Kurdistan. The company said the light oil discovery is in addition to the 2.0 to 4.0 bn barrels of heavier oil previously announced at various levels throughout the shallower Jurassic intervals, the company said.
The discovery of these high energy, light oil zones within the upper levels of the Triassic significantly improves chances of finding additional light oil targets in the 700 to 1,000 metres still to be drilled.

Gulf Keystone, which is focused on Algeria and northern Iraq, plans to install a workover rig following completion of drilling operations in order to start extended testing of the multiple pay zones present in the Shaikan-1 exploration well.
Todd Kozel, chairman and chief Executive officer of Gulf Keystone, said: "The discovery of a higher energy reservoir in the upper portions of the Triassic section of the Shaikan-1, while very significant in its own right, should also prove very beneficial to future development and exploitation of the large reserves of heavier, low GOR oil in the Jurassic portion of the well."