Syria21 Jan 2010 07:49
GPX hit oil in syria,
TIDMGPX
Immediate Release 21 January 2010
GULFSANDS PETROLEUM PLC
OPERATIONS UPDATE:
Khurbet East-14 Delineation Well Flows Oil to Surface Indicating a Deeper Field
Oil-Down-To ("ODT") Depth
Khurbet East-13 Well Commences Production
Zaman-1 Exploration Well Spudded
London, 21st January 2010: Gulfsands Petroleum plc ("Gulfsands", the "Group" or
the "Company" - AIM: GPX), the oil and gas production, exploration and
development company with activities in Syria, Iraq, and the U.S.A., is pleased
to provide the following update on the Company's operations at Block 26, Syria,
where Gulfsands holds a 50% interest and acts as operator.
Khurbet East-14 Delineation Well Intersects Oil Column and Flows Oil to Surface
The Khurbet East ("KHE")-14 delineation well, located approximately 1 kilometre
north of delineation well KHE-12 and approximately 4.9 kilometres south of the
KHE-1 discovery well, was drilled to a total depth of 2045 metres measured depth
("MD") and 1626 metres true vertical depth below mean sea level ("TVD SS") with
the primary objective being to intersect the oil-water contact in the Khurbet
East field.
The well encountered the top of the Cretaceous Massive Formation at a measured
depth ("MD") of 1988 metres (1571 metres TVD SS) and the preliminary
interpretation of drilling data and wireline logs identified a gross oil column
at the top of the Massive Formation of 14 metres, with a net oil pay of 6 metres
and average porosity within the pay zone of 22%.
An open-hole drill-stem test was conducted over the interval 1982-1998 metres MD
(1564-1580 metres TVD SS). The KHE-14 well flowed oil of 27 degrees API at an
average rate of 613 barrels of oil per day ("bopd") for a 7 hour period on a 2"
choke using nitrogen lift. Negligible quantities of formation water were
produced during this flow period.
Although a definitive oil-water contact was not observed on wireline logs or
drilling data, the wireline logs indicates that oil was produced during this
test from a depth of 1998 metres MD (1580 metres TVD SS), 9 metres deeper than
the previous deepest oil flow observed in the field in well KHE 13.
A new field ODT has accordingly been interpreted at 1580 metres TVD SS.
These test results from KHE-14 and in particular the deeper ODT are expected to
have positive implications for reserves assessments which are currently being
undertaken on the Khurbet East field and which will be the subject of a separate
announcement at the beginning of the Second Quarter 2010.
Khurbet East-13 Well Commences Production
Well KHE-13, which was drilled and completed at the end of last year, has been
tied back to t
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