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Gulfsands Petroleum plc provides operational update

Oilfield Technology,

Gulfsands Petroleum plc (Gulfsands) has provided the following update on the company's operations at Block 26, Syria, where it holds a 50% interest and acts as operator.

Zaman-1 exploration well completed
Operations have been concluded on the Zaman-1 exploration well, the first of four wells in the 2010 exploration drilling programme. The Zaman-1 well, located approximately 4.5 km to the south of the Khurbet East field, targeted the same Cretaceous Massive formation as is under production at the Khurbet East oilfield. Zaman-1 encountered the top of the Cretaceous Massive formation at approximately 2086 m measured depth (MD), or 1699 m true vertical depth (TVD) below mean sea level and 9 m deeper than pre-drilling prognosis. A core section of approximately 3 m was recovered at 2092 m MD, which was stained with shows of viscous oil. Wireline logs indicated that approximately 4 m of net reservoir pay of average porosity 17% were encountered near the top of the well, a result consistent with the oil staining observed on the core section.

An openhole test was conducted between 2086 - 2100 m MD that flowed formation water at a rate of approximately 1460 bpd with only traces of oil being observed at surface. Below 2100 m MD, the reservoir was evaluated from wireline logs as being water bearing and tight with secondary porosity attributable to natural fractures.

Consequently, the Zaman-1 well has been interpreted as having a small noncommercial quantity of oil reservoired and has been plugged and abandoned. The cost to Gulfsands for its 50% share of the Zaman-I exploration well is estimated at approximately US$ 1.5 million before cost recovery and approximately US$ 450 000 after cost recovery

Hanoon-1 exploration well to spud imminently
Following the completion of operations at Zaman-1, the rig will be moved to the Hanoon-1 exploration well location. The Hanoon-1 well will target the Cretaceous Massive formation within an anticlinal closure located less than 10 km north of Khurbet East field.

Khurbet East field oil production
Average daily gross oil production at the Khurbet East field continues at a rate of approximately 17 000 bpd with the result that cumulative gross oil production has exceeded 7 million bbls, with minimal water production and minimal pressure depletion being observed to date. The KHE-13 vertical development well, located approximately 1.5 km to the southwest of the KHE-1 discovery well which was brought into production in January producing approximately 300 bpd, began to produce formation water with a water cut rising to approximately 15%. The well has demonstrated the production capability of the southern portion of the Khurbet East field, and it will now be shut in until completion of the commissioning of the central processing facility (CPF), which will incorporate water separation and processing capabilities currently not available at the early production facility.

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