Gulf Keystone makes further discovery in Kurdistan

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The exploration and production company Gulf Keystone has announced that it has made an additional discovery at its Shaikan-1 well in Iraqi Kurdistan.

“The first Triassic test was severely limited by surface restrictions and down hole tool problems. Internal engineering analysis of the test data indicates that the first Triassic zone could have flowed at rates up to 14,000 barrels of oil equivalent (boe) per day,” a statement released by the company said.

The statement also said that a third part summary report will be released soon.

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“Shaikan-1 has exceeded the most optimistic prognosis held at the start of drilling. Each phase of drilling has resulted in significant discoveries, and any one of the several target layers of the Jurassic or Triassic intervals contain, by any measure, outstanding volumes of oil-in-place,” Todd Kozel, executive chairman, Gulf Keystone Petroleum said.

“It is our belief that the aggregate volumes suggest an even larger future potential," he added.