Gulf Keystone Updates Algeria Progress

Thursday, December 13, 2007

Gulf Keystone offered up an update on its activities in Algeria on the Hassi Ba Hammou Perimeter (HBH Permit). According to the company the first well of a six-well program on the HBH Permit, HBH-4, will be an appraisal well on the Hassi Ba Hamou gas field, to evaluate the extent of the field and continuity of the gas accumulation. It is anticipated that this well will spud during mid-December 2007 once commissioning and acceptance of the rig is completed.  

The company also reported that its 3D seismic program which is being shot over the Hassi Ba Hammou gas field is 96% complete and estimates that the rest will be finished by the end of the year. The HBH Permit wide 2D seismic program targeting prospects and leads over the license was completed in early-December with 2,047 km of seismic having been acquired to fulfill the 2,000 km commitment in its exploration agreement. The preliminary results are currently under evaluation, however Gulf Keystone did say that early indications from the 2D seismic interpretation show a number of promising leads, three of which the partners have agreed to prioritize as drill targets.

Partners on the HBH Permit are Gulf Keystone 38.25%, BG Group 36.75%, and Sonatrach 25%.  Gulf Keystone farmed out 36.75% of the HBH Permit to BG Group effective September 2006. BG Group is operator.

Commenting on the company’s progress Todd Kozel, Chairman and Chief Executive Officer said, “The completion of the HBH Permit 2D seismic acquisition programme marks significant progress for Gulf Keystone in the exploration of this licence.  Early interpretation of both the 2D and 3D seismic data, over the Hassi Ba Hamou Permit and the Hassi Ba Hamou gas discovery, has revealed a number of promising leads and we are excited to be commencing drilling with the first of a six well program due to spud imminently.”

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