Gulfsands is the operator of the Block 26 Production Sharing Contract (PSC) area in Syria. Block 26 is in excess of 11,000 square kilometers (2.8 million acres) and is in the prolific El Hasekah region of Northern Syria. There are a number of large producing oil fields contained within Block 26, including Souedieh, Rumailan, Hamzeh and Karatchok. Production is primarily from Cretaceous age reservoirs, and the estimated ultimate recovery from these fields is in excess of 3 billion barrels of oil. Although the current producing intervals within these producing fields are not included within the Block 26 PSC, Gulfsands does have the rights to reservoirs beneath the existing fields and to all depths outside of existing fields within Block 26. Based on existing seismic data and well control, Gulfsands has identified 31 prospects and leads in Block 26 and the Company plans to drill a minimum of 4 wells within Block 26 by August 2007.
Gulfsands expects that the processing of the seismic data will be completed in the first quarter of 2006 and interpretation of these data will commence immediately thereafter. These data will be used by Gulfsands to select and rank exploration drilling locations.
John Dorrier, CEO of Gulfsands Petroleum, said:
"Completion of the seismic program in Block 26 is the first step in Gulfsands' aggressive program of exploration in the Block since becoming operator in mid-2005. This seismic data, in conjunction with the program of drilling planned this year, will yield near-term results that could have a significant positive effect on the Company's oil and gas reserves."
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