Gulf Keystone Petroleum has reported the completion of drilling and testing operations on the Shaikan-3 shallow appraisal well in the Kurdistan region of Iraq.
The well was designed to drill and test the Cretaceous intervals in the immediate vicinity of the Shaikan-1 discovery well.
Shaikan-3 drilled the entire Cretaceous interval and on into the Jurassic Sargelu formation, and a total of two open hole and two cased hole flow tests were conducted in the Cretaceous.
As a result of the tests, log evaluations and recovered fluid samples, the company said its current P50 to P10 estimate of Garagu oil in place volumes is 220 million to 2.2 billion barrels.
These Garagu resources are in the lower portion of the Cretaceous (between 1060m and 1157m), and the Shaikan partner group will formulate a development plan for these resources.
Due to the different characteristics of the Cretaceous oil, Shaikan-3 has been completed as a second Jurassic producer from the Sargelu formation and will flow into the same test facilities as the Shaikan-1 well.
Gulf Keystone holds a 75% working interest in the block and is partnered with MOL subsidiary Kalegran and Texas Keystone, which have the remaining 20% and 5% working interests, respectively.