Drilling Update

11 Sep 2008 07:00



Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction

11 September 2008

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

Drilling Update FEG-1 Well, Algeria

Gulf Keystone Petroleum Ltd (AIM: GKP), an independent oil and gas exploration company with interests in Algeria and Kurdistan, announces that drilling of the FEG-1 exploration well on the Hassi Ba Hamou Perimeter ("HBH Permit"), has been completed. 

The FEG-1 exploration well was drilled on an untested trap to the southwest of the HBH gas discovery and reached a total depth of 2,746 metres. The FEG-1 well penetrated the target Carboniferous sands but no commercial gas volumes were encountered and the well will be plugged and abandoned.

The rig will now move to the fifth well of a six well commitment on the HBH Permit and drill appraisal well HBH-5 on the HBH gas discovery. This well is expected to spud within a month. No further announcement on the HBH-5 well is expected until the well has been completed. 

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or visit: www.gulfkeystone.com