Gulfsands, the operator and 50% working interest owner in Block 26, Syria, has commenced the drilling of the KHE 1 exploration well located in the northeast region of Block 26. The KHE 1 prospect is a fault-bound structural culmination, with closure mapped at multiple potential reservoir levels. These include reservoirs of Cretaceous, Triassic and Paleozoic age. The well is located approximately 12 kilometers southwest of the Souedieh Oil Field and 12 kilometers south of the Roumelan Oil Field. The total drilling depth of the KHE 1 well is expected to be approximately 3,700 meters and will require approximately 100 days to drill and evaluate at an estimated cost of $7.2 million, or $3.6 million net to Gulfsands.
After drilling the KHE 1 well, the Company is planning to drill its fourth "commitment well" on Block 26 following the return to Gulfsands of the high powered rig used for drilling the Tigris-1 well, which is anticipated to occur around July 2007.
Gulfsands' CEO, John Dorrier, said:
"The Company's PSC conveys rights to all depths in the Khurbet East area, so the prospect has potential in multiple zones including the proven productive reservoirs of Cretaceous and Triassic age in the fields just north and east of the prospect location, as well as potential reservoirs in the Paleozoic. In the event of an oil or gas discovery at Khurbet East, commercialization would be relatively straightforward through production infrastructure located only 12 kilometers away near Roumelan Field."
Gulfsands is an oil and gas production, exploration and development company with activities in the U.S.A., Syria and Iraq.
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