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Wednesday, January 4, 2006
Gulf Keystone has completed drilling, coring and logging operations at the GRJ-2 well on Block 126A in north eastern Algeria. Technical evaluation of the data received from the company’s third party consultants has indicated that there are three separate potential reservoir intervals which may have the potential to contain hydrocarbons.
A testing program for GRJ-2 will be implemented once Gulf Keystone’s experts have completed the design of the testing program and confirmed the availability of the required equipment. The directors believe that the testing program could involve fracturing of the indicated reservoir sections which is intended to increase the potential to intersect open fractures.
The company has completed the 3D seismic survey acquired in 2005. Gulf Keystone plans to use the survey to map and interpret the reservoir in order to select a location for drilling in 2006.
The application for a production license for the GKN field is progressing. Gulf Keystone has made what the directors hope and believe to be the final submission of documentation to the joint Sonatrach/Gulf Keystone management committee for Block 126A. The information has been passed to Sonatrach and Gulf Keystone is working with Sonatrach to seek the final approval for the license from the Algerian Ministry of Energy and Mines.
The company has also completed a successful well test on the GKS-2, originally drilled and successfully tested as a discovery well by Sonatrach. Following this test the company put in motion the application for an early production license, which is the initial step for a permanent production license and a field development plan. The company will be working with Sonatrach through the Sonatrach/Gulf Keystone management committee to seek the approval for a short term production license from the Ministry.
On Block 129 Gulf Keystone is calling for a tender for the processing and interpretation of 412 square kilometers of 3-D seismic acquired by Sonatrach in 2005 before the company was awarded the block. The analysis of available geological and geophysical data on four existing discoveries previously identified by Sonatrach, and approximately 5,300 kilometres of 2-D seismic acquired by Sonatrach which identified an additional 22 leads will be used to develop an appropriate ongoing work program for Block 129.
On Blocks 108/128 Gulf Keystone has completed processing 153 square kilometers 3-D seismic acquired by the company in the third quarter of 2005 over the existing Ras Tomb oil field previously discovered and produced by Sonatrach. The acquisition of this 3-D seismic fulfils the minimum work program for 3-D seismic under the first term of the contract for Blocks 108/128. The purpose of the 3-D seismic acquisition over the Ras Tomb field is to seek to more highly define the reservoir and the field so that Sonatrach/Gulf Keystone can identify appropriate locations for drilling new wells for additional field development.
Gulf Keystone will also evaluate the existing Sonatrach discovery on the OSD structure and 2-D seismic previously acquired by Sonatrach to develop a work program to assess Blocks 108/128.
On Gulf Keystone’s Hassi Ba Hammou Perimeter, the company’s technical staff, in conjunction with Sonatrach and consultants, have been analyzing 3rd party data on this permit which consists of five blocks covering approximately 18,000 square kilometers in the gas producing western region of Algeria. Specifically, Gulf Keystone has been focusing on the HBH discovery made by Sonatrach. This field was discovered by the HBH-1 well and successfully appraised by the HBH-2 and HBH-3 wells. A 3-D seismic acquisition program and an appraisal drilling program are being designed for the further appraisal and development of this discovery.
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