Gulfsands Encounters Oil at Khurbet East Field

Block 26, Syria
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Gulfsands provided the following update on the Company's operations at Block 26, Syria, where Gulfsands holds a 50% interest and acts as operator.

Khurbet East -18 Delineation Well

The Khurbet East-18 ("KHE-18") vertical delineation well has been drilled by the Crosco 401 rig approximately 800 meters to the north of discovery well Khurbet East -1 ("KHE-1") in order to delineate the north-west flank of the Khurbet East Field. In summary:

  • The reservoir was encountered 12 meters higher than the pre-drill prognosis, and is only 4 meters below the current highest known point in the field at KHE-1. The top of the Cretaceous aged "Massive" reservoir is at a depth of 1926 meters measured depth below rotary table, or 1523 meters true vertical depth below mean sea level. This indicates that the prolific central crest area of the Khurbet East field extends in a more northward direction than previously thought.
  • The KHE-18 well encountered the second thickest true vertical net oil-bearing reservoir of any well drilled in the field to date after KHE-1. Based on analysis of a formation evaluation program consisting of wire-line logs, the well encountered a gross 45.8 meter (net 35.6 meter) column of oil bearing reservoir within the Massive formation, with an average porosity of 20.2% and average oil saturation of 86.9% over the pay interval.
  • The logs also indicate the presence of significant secondary or "vuggy" porosity that is associated with a "karst" type reservoir, which exhibit excellent flow properties elsewhere in the Khurbet East field.
  • The reservoir interval was flow tested and produced at a stable rate of 2385 barrels per day of 26 degree API oil on a 32/64" choke setting at a wellhead pressure of 180 psi over a 6 hour period.
  • Minor volumes of water were produced during this flow test at a declining rate, this is thought to be associated with recovery of lost drilling fluids and not production of reservoir formation water.

The impact of the KHE-18 result on field oil-in-place and recoverable oil volumes will be calculated as part of the annual year end reserves estimation process, with the results of this process being available during the first quarter of 2011.

A fixed distance seismic offset checkshot survey has been performed in the well to assist in the imaging of the field towards the northwest. The results of this survey will be used in planning for further delineation drilling on the northwest flank of the field early in 2011.

Twaiba-1 Exploration Well

Following the completion of operations on the KHE-18 well, the Crosco 401 rig will move to the Twaiba-1 exploration well location, approximately 7 kilometers north northeast of the KHE-1 discovery well. The prospect to be drilled is a relatively small 4-way dip closure and the primary targets for the well are the Cretaceous aged Shiranish and Massive formations. The drilling location was selected based on interpretation of 3D seismic data acquired during 2009 over the prospect area. The key exploration risk on this prospect relates to the presence of adequate reservoir quality; however this is mitigated somewhat by the presence of an anomalous seismic amplitude observed at the target location. The interpretation of this anomaly is supported by Acoustic Inversion processing of seismic data, which suggests the presence of an effective reservoir at the Twaiba location.

The gross mean unrisked resource for this near-field exploration target is estimated as 5 million barrels of oil recoverable. The Twaiba-1 exploration well will be drilled on a "sole risk" basis (100% Gulfsands working interest) and drilling operations are expected to take approximately 30 days to complete.

Zahraa-1 Exploration Well

The Crosco 501 drilling rig, the second rig contracted to Gulfsands for activities on Block 26, is to undertake drilling operations on the Zahraa-1 ("ZAH-1") exploration well, which was spudded on 21 October. The Zahraa prospect is located in the far northeast portion of the Block, near the intersection of Syria's borders with Iraq and Turkey. The well will evaluate a structure that is similar, on trend and adjacent to the producing Karatchok oil field. The drilling location was selected based on interpretation of 3D seismic data acquired over the prospect area. The primary targets for the well are the Cretaceous aged Shiranish and Massive formations, and the well is planned to drill to a total measured depth of 2600 meters.

The gross mean unrisked resource for this well is estimated as 30 million barrels of oil recoverable. The Zahraa-1 exploration well will be drilled on a "sole risk" basis (100% Gulfsands working interest) and drilling operations are expected to take approximately 60 days days to complete.

3D Seismic Acquisition Program

The 2010 3D seismic acquisition program, consisting of approximately 1025 km2 of new 3D seismic data directly west of the Greater Khurbet East area, is approximately 75% complete. The program remains on track to be completed during the fourth quarter of this year, with delivery of the final processed data during the first quarter of 2011.

Yousefieh South Acid Stimulation

The 10.8 meter net oil-bearing formation encountered in the Yousefieh South well was acidified and flow tested under nitrogen lift conditions on the 19th October 2010. Only minor non-commercial volumes of 16 degree API oil and water were recovered to surface. The well will be plugged and abandoned as a sub-commercial oil discovery.

Commenting on this operations update, Ric Malcolm, CEO of Gulfsands said, "The extension of the crest of the Khurbet East field to the northwest with high quality karst reservoir is very encouraging. The well will now be tied back to the Early Production Facility and become the tenth producer in the field. With two rigs now operational, we have a very active exploration program that includes three wells to be drilled before year end."


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