Gulfsands provided an update on operations in Syria.
Flow Testing of Khurbet East 19H ("KHE-19H")
The Khurbet East 19H ("KHE-19H") well has achieved a flow rate of 5516 barrels of oil per day ("bopd") on production test with an oil gravity of approximately 26 degrees API, similar in quality to the oil produced in the central portion of the Khurbet East Field. This production rate was obtained during a 2 hour main flow period under a 48/64th inch choke size and with an average wellhead pressure of 132 psi and with no associated production of formation water. The choke size was subsequently reduced to 32/64th inch, after which the well was flowed for a further 3 hours at an average rate of 3828 bopd, at an average wellhead pressure of 210 psi and with no production of water. The test was then terminated due to all available oil storage tank capacity being filled. The 67 meter horizontal productive section of this well is located in a sidetrack drilled in a south-southeasterly direction from the original KHE-19 vertical hole.
The oil flow rate of 5516 bopd from KHE-19H is the highest yet measured from any well within the Khurbet East field. This well has demonstrated that excellent reservoir quality exists from the central portion of the field all the way to the northern limit of the field.
Commissioning of Khurbet East Sub-station Production Facility
The oil processing capacity for the Khurbet East Field has been increased by approximately 3000 bopd after the construction and commissioning of a new oil processing sub-station ("EFP 2") with a design capacity of approximately 3000 bopd and located approximately 1.8 kilometers west of the Khurbet East Early Production Facility ("EPF"). At this new facility, gas is separated from the produced oil and the stabilized crude is pumped into storage tanks located within the EPF complex followed by subsequent delivery into the Khurbet East export pipeline. Well KHE-19H has been tied into the new sub-station and is estimated to be producing at a rate of more than 2900 bopd on a restricted choke.
As a result of these operational and construction activities, Block 26 oil production facility capacity is now more than 24,000 bopd. The reconciled production rate achieved at the expanded facilities as of 6th August, 2011 was 24,054 bopd, comfortably achieving and exceeding the Company's previously announced year-end 2011 production target of 24,000 bopd.
Block 26 Drilling Operations
Gulfsands drilling operations in Syria Block 26, using the Crosco E-401 and E-501 drilling rigs, are continuing as planned on the Yousefieh East and Safa exploration prospects. The results of these exploration drilling operations will be the subject of a future news release.
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