.......When these words are absent from an RNS progress...

.......When these words are absent from an RNS progress update,then one could interpret the findings as less than positive. In other words, problems are being encountered (as interpreted by THE READER?), but the so called problems faced by GKP are TO BE expected, and unless they 'cap and abandon' then normally there is either good reason to keep drilling or they are 'hopeful'.

"WE ARE PLEASED TO ANNOUNCE" was ominously left out of the June '09 update, there were no adjacent wells in the area to gauge from, so though they were confident of success, giving false hope to investors would not be prudent at this stage. BUT, lucky ol' me 'knew' that oil was deep down in the triassic...well at least Todd Kozel said it was, and I believed him!....
..."There is so much oil down there", he said, "It is forcing its way up through the fractures to the surface, so much in fact, it makes you salivate just thinking about it!"
THESE WERE NOT THE WORDS OF A MAN DOOMED TO FAIL? Seeps is the key to success(sometimes)....I think Peter Landau, is thinking along the same lines...if the ground is seeping oil, drill it. IF you don't own it, BUY IT!
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again...
http://www.investegate.co.uk/Article.aspx?id=200906240700103846U

{Gulf Keystone Petroleum Ltd (AIM: GKP), an independent oil and gas exploration company with interests in Algeria and Kurdistan, today announces the following progress update on the Shaikan-1 exploration well, Shaikan block, the Kurdistan region of northern Iraq.

The Shaikan-1 well was spudded on 27 April with a planned TD, pending actual drilling results, of 3000 to 3500 metres. The range of TD depths reflects the under explored nature of the area and the lack of nearby correlation wells.

Following the setting of 20' surface casing at about 100 metres, the well plan called for the drilling of an 8-1/2' pilot hole down to the 13-3/8' intermediate casing point. This decision was based on a number of operational considerations. Primarily, the fractured nature of many of the shallow geological formations and the resulting high likelihood that mud returns would be lost and thus much of the interval would have to be drilled without the information normally gained from drilling mud returns. Under these conditions it is more prudent to drill a smaller, easier to control pilot hole as a first step.

Much of this section was, indeed, drilled with little or no drilling mud returns. In addition, consistent with the ACTIVE OIL SEEPS in the area, much of the pore space in these shallow sections was filled with TAR AND VERY HEAVY, DEAD OIL. At depths below 1350 metres the well began to encounter lighter, live oil shows.}