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.

We are not at the bottom of the well yet and probably then they will announce the next drilling target is to be spudded....

Gulf Keystone Logs Additional Oil Pay, Cases Shaikan-1Gulf Keystone Petroleum Ltd.|Wednesday, September 30, 2009

http://www.rigzone.com/news/article.asp?a_id=80887


The Shaikan Block Gulf Keystone has set the intermediate 9-5/8" casing on its Shaikan-1 exploration well operated by Gulf Keystone Petroleum International (50% GKP, 50% ETAMIC). The well is located in the Shaikan Block, situated near the city of Dihok, in the Kurdistan region of northern Iraq.

Casing has been set at 2,275 meters and completes our drilling of the Jurassic portion of the exploration well. Prior to setting the casing, the open hole interval was logged and preliminary log results indicate the addition of approximately 80 additional net meters of oil pay from the Butmah formation to previously announced discoveries in the Sargelu, Alan and Mus formations.

With the drilling of the Butmah formation, the gross reservoir interval has increased from 335 meters to 575 meters and the net reservoir interval has increased from 93 meters to 172 meters.

This additional reservoir section exhibits low energy with oil gravities in the range of 18 degrees API and very little associated gas. As with other pay intervals encountered in this well, there is a well developed, natural fracture system throughout the carbonate pay intervals. The drilled formations have excellent overall permeability, often in excess of 5 darcies. At this initial stage, the well characteristics indicate that the application of standard production technology, such as electric submersible pumps, should result in commercial production rates and this will be evaluated as part of an extended well test following completion of the well.

These log results combined with knowledge gained from the previously announced interval has raised the estimation of the total barrels of oil in place by the Gulf Keystone internal technical team. Based upon the Company's own internal analysis, this data provides for a revised range of oil-in-place volumes for the Shaikan structure of between 2.0 and 4.0 billion barrels for the oil in place, encountered thus far.

Drilling into the top of the Triassic formations has begun and the Company anticipates reaching a final drilling depth of 3,200 to 3,500 meters, subject to well results.

Todd Kozel, Chairman and Chief Executive Officer of Gulf Keystone, commented, "The incremental volumes found in the Butmah formation give further encouragement that we have made an outstanding discovery which will prove transformational for Gulf Keystone."

Thanks grevis2...there has got to be a lot more coming from this stock (share price wise), apart from the on going drilling, finance will have to be raised for turning these discoveries into production so loads more corporate and exploration RNS's to appear soon.

anticipated a blue day......patients is certainly a virtue......my glass is most definately half full....perhaps the wheels move slower in kurdistan than i want them to

Good time to top up cynic..........

Read your article on oil Balerboy.....mature oil fields Mexico, Saudi Arabia, etc...thanks , interesting to read ...I think you mean that Mexico will be a net importer of oil in 5 years or am I mistaken ?... (BP have just found something large out that way)...bought a few more here this morning, and if these huge oil fields are coming to an end then oil is going back up to $70 or $80 dollars a barrel soon...

Well this is rebounding strongly.....more oil at the bottom ?...that would be unbelievable because this is already very successful drilling !.

have been out for a couple of hours, so having been puzzled and somewhat alarmed by the plunge, the equally sudden recovery is more than welcome

Yes, 'cos they've found a 4b barrel field in Kurdistan! Don't it just pee you off?



Especially if you didn't acquire them?

some enlightenment for you all ....

Gulf Keystone started at Fox-Davies with buy rating 175p target price
In August, Gulf Keystone announced that its first exploration well in Iraq, Shaikan-1, was a major oil discovery. The final drilling results are still awaited and should be communicated to the market by mid-October, says Fox-Davies.
Analyst Lionel Therond comments, 'We believe that, despite the recent share price increase, these results as well as the forthcoming exploration and appraisal programme of the next 12-16 months can still surprise the market positively.'

See that report yesterday, very bullish and only idiots would stay on the sidelines.

But take a look at their other blocks on the same trend, they could have 15-20b barrels waiting. They will get taken out, that's for sure.

if you aren't feeling too shell-shocked and are looking to find a home for some funds, then GPK look a good bet at <80p currently

Fox Davies the broker has put a tag of 175p on this, that's miles up....very nice indeed....on a bad day in the markets we have ended up a little bit....wish there were more UK companies like this out there, Sterling Energy is a big risk because in the event of a crude no-show there, there is nothing much to stop the sp from plunging unlike GKP who still have the assets in Algeria and have been awarded several other blocks, the problem with Iraq is that there is plenty of oil but you could be unlucky with just nothing on your patch, this also applies to Petrel Resources who might get a license out there but is there anything down there ?...only the drillbit can say....

Must not forget Heritage oil...wish they would start drilling again....

interesting artical about chinese oilies buying assests round the world......in the times today....GKP with their discovery have got to be pinging some radars....and of course the drill phase deepth will be looming....add to that other blocks to drill....so positive month ahead......

following post 637, i made a half-hearted attempt to buy a few more but could not do so ..... nevertheless, am delighted to have made a good call for others

You did CYNIC,and i fianally got in.
Have a look at eneg.PLS.

will do .... and delighted to see you must be very well "in the money" already

I am,but nervous holding,so i shall be watching out for your posts on this one!.