Gulf Keystones Shaikan 1-B Discovery, Kurdistan, Iraq Report 1 Preliminary Jurassic Evaluation 09-DGA400-03-06 October 21, 2009 Dynamic Global Advisors, Ltd. One BriarLake Plaza, Suite 150 2000 W. Sam Houston Pkwy Houston,…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 Table of Contents I. OBJECTIVES .........................................................................................................3…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 I. OBJECTIVES Gulf Keystone Petroleum, Ltd. (Gulf Keystone) is currently drilling an exploration well (named Shaikan 1-B) in the Kurdistan region…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 II. INTRODUCTION The Shaikan 1-B well has discovered a significant amount of low gravity oil in the Jurassic Barsarin, Sargelu, Alan, Mus, and…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 III. RESOURCE ESTIMATES In-place resources have been estimated based on the Shaikan 1-B drilling to date and other data. Well log data was…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 Figure 2: Sketch of the Shaikan 1-B structure and well. Line of section is shown in Figure 4. Note that depth has been converted from measured…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 The Butmah Formation is separated from the four shallower formations by an anhydrite that is 95 m thick. These formations and the rock types…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 W E Figure 4: Shaikan 1-B structure map on top of the Sargelu Formation showing polygons outlining the LKO and the spill point. Line of…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 Figure 5: Shaikan 1-B structure map on top of the Butmah Formation showing polygons outlining the LKO and the spill point. 09-DGA400-03-06…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 Volumetric parameters and resource estimates were made for each formation. Lowest known oil (LKO) and spill point depths were also estimated for…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 Two form structure maps were created using the well and 2D-seismic data. See the seismic line in Figure 6 which shows the Shaikan structure.…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 range of porosity, distributions for both intervals were limited to 7%, corresponding to the cut off used in the log analysis. BARSARIN, SARGELU,…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 A. Lowest Known Oil (LKO) Volumes Using the lowest known data for each mapped formation we also estimated proved resources to 2,055 m MD. For the…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 IV. CONCLUSIONS The Shaikan 1-B well has discovered a significant amount of low gravity oil in the Jurassic Barsarin, Sargelu, Alan, Mus, and…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 V. POTENTIAL RESOURCE UPSIDE In the Shaikan 1-B well, there is significant upside potential from deeper formations that have been drilled and…
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 VI. DGA SHAIKAN TEAM BIOGRAPHIES 09-DGA400-03-06 Copyright 2009 All rights reserved. 17
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 09-DGA400-03-06 Copyright 2009 All rights reserved. 18
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 09-DGA400-03-06 Copyright 2009 All rights reserved. 19
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 09-DGA400-03-06 Copyright 2009 All rights reserved. 20
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 APPENDIX A 2007 09-DGA400-03-06 Copyright 2009 All rights reserved. 21
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 09-DGA400-03-06 Copyright 2009 All rights reserved. 22
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 09-DGA400-03-06 Copyright 2009 All rights reserved. 23
Gulf Keystones Shaikan 1-B Discovery Report 1 Preliminary Jurassic Evaluation October 2009 09-DGA400-03-06 Copyright 2009 All rights reserved. 24