http://www.gulfkeystone.com/ The firms exploration programme in Algeria is going well and "the shares look good value", say the Investors Chronicle. Your comments please. goal.

sp rising nicely.

More drilling delays due to mechanical fault

Operational Update - Bijeel-1 Exploration Well

Well Results Yield Drilling Delays but also Resource Improvements at Shaikan



Gulf Keystone today reports an update on the Bijeel-1 exploration well operated by MOL subsidiary, Kalegran Limited.



The Bijeel-1 exploration well has encountered more than 400 meters of potential hydrocarbon bearing interval between 3646m and TD at 4383m. Kalegran evaluated and tested the top 30 meters of the zone at rates up to 3200 bopd, as reported on March 9, 2010, however mechanical problems were encountered when testing and evaluating the remaining 370 meters. This has necessitated a sidetrack and re-drill of the lower portion of the well to fully evaluate and test the remaining intervals, which is expected to take up to eight weeks to complete.



Consequently, drilling of the Shaikan-2 appraisal/exploration well, which is to use the Weatherford 842 rig currently on location at the Bijeel-1 well, will be delayed. The Shaikan-2 well is now expected to spud during the third quarter of 2010.



The Bijeel-1 exploration well has provided water pressure data which, when taken with data from other wells in the area, has favourable implications for the Shaikan structure. The data would appear to support the concept of a regional aquifer which underlies the Shaikan structure and that the hydrocarbon-water contacts in each reservoir are substantially deeper than the lowest known hydrocarbon depths, as determined from log data.



Gulf Keystone CEO, Todd Kozel, said:



"While the sidetrack of Bijeel-1 delays our drilling of the Shaikan-2 appraisal well, we are delighted by the first successful test of 3200 bopd and we look forward to the test results from the additional prospective intervals. The implications of the water pressure data from Bijeel-1 provides further support for movement toward the upside volume range for the Shaikan structure."



Resource Range for Shaikan (billion bbls oil-in-place)

P90
Mean
P10
P1

1.9
4.2
7.4
13.0


cyril

Hopeless chart. Can't see any support anywhere.

I brought some of this shite around 75p levels - I really wish I did not now.

Hopefully that will change.

Patience.....this used to be 120p.....so bargain levels now......screaming sell at 67p ?....hardly.....

Trend is not healthy looking though...

Sell....sell....selll....screaming....sell....oh ! giggly giggles all round....

StockMarketWire.com
"Gulf Keystone Petroleum is to carry out additional testing on the Shaikan-1 discovery well in the Kurdistan region of northern Iraq.

Gulf Keystone says it will carry out the following work programme:

Zone three: Re-test the Butmah (lower Jurassic) formation, from 1,783 metres to 1,814 metres depth in the well.

Zone two: Re-test the Mus (upper Jurassic) formation, from 1,627 metres to 1,667 metres.

Zone one: Complete the well for long term production testing (18 to 24 months) in the original discovery zone, the Sargelu (upper Jurassic, 1,450 metres to 1,510 metres).

Drill an appraisal well through the Cretaceous intervals, 50 metres to the east of the existing Shaikan-1 well. "

But its all bull unless they sort out the bloody licenses.

If they cannot sort out the licenses before too many new moons then they are going to be in deep crap.

I really regret buying this at just over 75p now ! Hopefully things will turn around before October.

Pros

I thought you were saying on the rkh thread that the trouble with people is when they have a loss they never cut their losses and sell but simply say 'Wait for the recovery'

Um, pot, kettle and black?

dealerdear, not me.

I say that to people who promote "taking profits" but then fail to "cut losers".

If this gets to 20% down, I will likely sell it and cut the loser. Its not there yet, so no need to cut as yet.

3. Zone one: Complete the well for long term production testing (18 to 24 months) in the original discovery zone, the Sargelu (upper Jurassic, 1,450 metres to 1,510 metres). This zone has a higher GOR, in the range of 120 cubic feet of gas per barrel of oil, and demonstrated natural flow rates of almost 7,500 bopd, despite the limitations of the original test equipment. It is the current intention that this production will be processed, through the facilities currently being constructed, and sold.
AND SOLD
AM I MISSING SOMETHING HERE OR IS THIS GOOD NEWS

Yes, but if you go by the above poster...nothing is any good at all except Rockhopper.....ridiculous at times....this looks promising to me....

that's not quite fair or accurate even if he does drivel on a bit about RKH ..... perhaps he's o'weight and there is a certain fear element

Are you calling me fat cynic, thats fighting talk.......! ;)

oh yeah! you calling me outside then big boy? ..... you and whose army?

Fight fight fight fight fight fight..........

time to ajourn to the gaza thread then!

so the news is positive"sold" as in getting revenue from oil production in 4-5 months?????????????????