18 September 2009

Oil and gas group Gulf Keystone Petroleum has appointed Dynamic Global Advisors, an independent E&P advisory firm, to perform an independent assessment of discoveries made in the company's Shaikan-1 well in the Kurdistan region of northern Iraq.

DGA will shortly issue a preliminary report on the previously announced oil discoveries in the Shaikan-1 well between 1467m to 1710m MD. This initial report will later be revised to incorporate the log results of the additional oil intervals between 1710m and Gulf Keystone’s planned 9-5/8' casing point to be set at approximately 2500m MD.

Beyond this point, the Shaikan-1 well will drill into the Triassic rock layers to explore the remaining primary hydrocarbon targets, before reaching final target depth at 3200 to 3500m MD. DGA has also been commissioned to address any findings of interest for investors in this phase of drilling.

Todd Kozel, Gulf Keystone’s executive chairman, said the appointment of DGS was a constructive and valuable step to provide investors and other stakeholders with third-party analysis and assessment of the discoveries at a relatively early stage.