Gulfsands Petroleum has commenced operations with Geofizika D.D. to acquire new 2D seismic within Block 26, Syria. Geofizika D.D. is a seismic acquisition company with over 40 years experience conducting seismic surveys in the Middle East. It has been working in Syria for other operators including INA-Naftaplin and most recently PetroCanada on Block 2 which is adjacent to Block 26.
The Group will acquire some 1,170 kilometers of 2D seismic over the next three to four months, followed by processing and interpreting the new seismic data, so the Group can commence drilling of the first exploration well on Block 26 during the first quarter of 2006.
Gulfsands owns a 50% working interest in Block 26 and is the operator. The block covers 11,000 square kilometers and surrounds areas which currently produce over 100,000 bopd from existing fields. The Group has identified 27 exploitation and exploration prospects and leads with mean resources potential of 1 billion barrels of recoverable oil.
John Dorrier, Chief Executive of Gulfsands, said:
"We are pleased to be moving forward with the Block 26 seismic program so soon after taking over operations from Devon Energy in late May. This achievement reflects a concerted effort by Gulfsands' Damascus office, our partner SoyuzNefteGas, and the Syrian Petroleum Company. We expect the new seismic will enable us to prioritize the prospect inventory and choose the best drill-sites for the first wells prior to beginning drilling operations in early 2006."