Gulfsands Completes Testing on Dardara Southeast 1 Well, Morocco

Middle East and North Africa-focused Gulfsands Petroleum said Wednesday that gas well testing on its Dardara Southeast 1 discovery well (DRC-1) on the Rharb Centre Permit in northern Morocco has been concluded and the well suspended as a future gas production well.

Reporting a corporate update, Gulfsands said that during an eight-hour test of DRC-1 the gas flow rate reached 9.4 million cubic feet of gas per day on a 40/64-inch choke with no associated production of formation water or sand.

The rig used to drill and test the well has now been moved to the Douar Ouled Balkhair drilling location, where the DOB-1 well spud on January 27. Operations on the DOB-1 well are expected to take 28 days.

Gulfsands has three remaining well commitments across the Rharb concession, including the Rharb Sud permit. The terms of its Rharb permits have now been extended to November 9, 2015.

The firm added that technical work is ongoing to evaluate prospective oil targets on the Moulay Bouchta, Rharb Sud and Fes permits.

Gulfsands also reported Wednesday that it had drawn $10 million of its $20 million Arawak Energy Loan Facility and that the firm's cash balance as of January 23 was $23.5 million.

Estimated current liabilities less receivables stand at approximately $7.5 million, while Gulfsands' estimated minimum capital expenditure commitments for 2015 are approximately $2.5 million.


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