Upon completion of operations on the Eugene Island 58 discovery well, Gulfsands will participate in a three well exploration drilling campaign in the immediate area, where Gulfsands will be participating with a 25% working interest in each of these wells.
Gulfsands also participated recently at a 13.15% working interest in a sidetrack well on Ship Shoal Block 177 at a net cost of approximately $465,000. This well had approximately 19 feet of net pay and was put on production last week at a gross daily rate of approximately 5 million cubic feet of natural gas and 31 barrels of oil.
The Company also participated at a 5.26% working interest in an exploration well at High Island 528 that was unsuccessful at a net cost to Gulfsands of approximately $188,000.
Since Gulfsands listed on AIM in April 2005, the Company has participated in the drilling of six offshore Gulf of Mexico exploration wells and four of those six have been discoveries.
John Dorrier, CEO of Gulfsands Petroleum, said:
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