Crosco, Gulfsands Extend Syrian Drilling Contract

Crosco Integrated Drilling & Well Services Co., Ltd. and Gulfsands Petroleum PLC (Gulfsands) have extended an existing drilling services contract by one well. The new 2,500-meter well is expected to take 45 days and be completed by mid July 2007. The well will be drilled by CROSCO drilling rig EMSCO 602 (Emsco C-2 II).

The EMSCO 602 drilling rig recently completed well KHE 1 in Syrian Block 26 also for Gulfsands. The KHE 1 well was spudded in mid-February and was drilled to a planned total depth of approximately 3,800 meters. Upon completion of the well EMSCO 602 will be mobilized to Egypt for a two-year contract with RWE Dea Nile.

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