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Gulf Keystone Petroleum (LON:GKP) Ltd. (BUY, 275p) (GKP, 136.25p, ▼ 2.33%) announced that the Shaikan-5 appraisal well has spudded on the Shaikan block in the Kurdistan Region of Iraq on 28th October 2011. Shaikan-5 is the third deep appraisal well to be drilled on the Company's major oil discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels and 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels. Shaikan-5 is being drilled 6 km to the north-east of the Shaikan-2 appraisal well. The well will target prospective intervals in the Jurassic and Triassic to reach the planned total depth of approximately 3,500 metres. Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively. Tower Resources plc (HOLD, 4p) (TRP, 3.03p, ▼ 0.82%) announced that together with Wessex Exploration PLC ("Wessex"), the "Joint Venture Partners", it has signed with the Saharawi Arab Democratic Republic ("SADR") an Assurance Agreement ("AA") for a Production Sharing Contract ("PSC") for the Imlili Block which is located offshore the territory known as the Western Sahara. Tower and Wessex each have a 50% equity and working interest in the AA and PSC and Wessex is the operator. The Imlili Block covers an area of approximately 16,965 square kilometres and lies offshore from the very large onshore Bojador Block (44,298 square kilometres) and east of the offshore Guelta Block (15,760 square kilometres), in each of which Tower and Wessex each have a 50% equity interest. Tower acquired its interests in Bojador and Guelta when it acquired Comet Petroleum Limited in June 2008. Water depths on the Imlili Block range from 0 to 150 metres. Tower will be required to pay only a small annual administrative fee to the SADR to retain the block until the sovereignty of the territory has been settled. In the meantime, the prospectivity of this acreage will be evaluated using legacy seismic and exploratory well data currently available to the Joint Venture Partners.

Chariot Oil & Gas Limited (CHAR, 135.75p, ▲ 2.26%) announced that, as a result of further geological and seismic work on the Tapir trend in Northern Blocks 1811 A & B, it has increased the chance of success of the Tapir South prospect from 19% to 25%. The improvement is primarily due to the recognition of multiple four way dip closures that contain deep marine channel sandstone geometries which are adjacent to a well defined oil charge kitchen. As a result the Tapir South prospect is now the preferred first drilling target with the greatest chance of success and well planning is at an advanced stage. Additionally, in the Central Blocks, reprocessing and reinterpretation of the full 3,000km of existing 2D seismic data, previously acquired by Chariot, has identified 11 new leads attributing an aggregate mean unrisked resource potential of 3.9 billion barrels ("Bbbls"). These leads lie in the northeast section of the acreage and occur in several different target intervals within both structural and stratigraphic traps. These include analogues to the "Nimrod" feature identified in the Southern blocks. Recently completed studies indicate that two source rock levels are mature for oil generation in this northeast area and as a result this section of the block offers the greatest chance for delivering multiple drillable prospects. Consequently, the 3D survey has been increased in size to 3500km2 to cover the 11 leads identified and is due to commence at the beginning of November. It should be noted that the leads previously identified remain attractive exploration targets that will be a priority for future exploration activity. As a result of this recent technical work Chariot's gross mean unrisked prospective resources have increased from 16.1 Bbbls to 20.0 Bbbls (with net increase to Chariot from 8.9 Bbbls to 12.5 Bbbls).

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