Gulfsands, the operator and 50% working interest owner in Block 26, Syria, has commenced drilling the KHE-2 well to appraise and evaluate the Tertiary Chilou and Cretaceous Massive reservoirs encountered in the KHE-1 discovery well. The total drilling depth of the KHE-2 well is expected to be approximately 2,050 meters and will require approximately 45 days to drill and evaluate.
The Cretaceous Massive Formation in KHE-1 contained approximately 22 meters of net oil pay over a 25 meter gross interval based on wireline log interpretation, reservoir pressure gradients and fluid sample recovery. The oil in this reservoir has an API gravity of approximately 24 degrees, based on PVT analysis of the recovered oil sample. The Massive formation was encountered at 1917 meters depth in the KHE-1 well.
The Tertiary Chilou "B" Formation contained approximately 26 meters of net oil pay in the KHE-1, based on wireline log interpretation. The Chilou "B" Formation was encountered at 1316 meters depth in the KHE-1 well.
The KHE-2 well will also provide further information on the lateral extent and continuity of these reservoirs.
The Company expects to provide the final results from KHE-2 in early August.
Gulfsands Petroleum plc is an oil and gas production, exploration and development company with activities in the U.S., Syria and Iraq. It owns interests in 54 offshore blocks comprising approximately 193,000 gross acres which includes numerous producing oil and gas fields offshore Texas and Louisiana with proved and probable recoverable reserves net to Gulfsands at 31 December 2006 of 41.5 BCFGE (6.9 MMBOE), consisting of 27.3 BCFG and 2.36 MMBO.
Gulfsands also owns interests in two oil and gas fields onshore Texas, USA (98.5% working interest in Emily Hawes Field and 37.5% working interest in Barb Mag Field) with proved and probable recoverable reserves net to Gulfsands at 31 December 2006 of 3.1 BCFGE (0.5 MMBOE), consisting of 2.8 BCFG and 57,000 barrels of oil.
In Syria, Gulfsands owns a 50% working interest and is operator of Block 26 in North East Syria. Block 26 covers 11,000 square kilometers and encompasses existing fields that currently produce over 100,000 barrels of oil per day. These fields are operated by third parties including the Syria Petroleum Company.
Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Misan Gas Project in Southern Iraq and following completion of a feasibility study on the project is negotiating details of definitive contracts for this regionally important development. The project will gather process and transmit natural gas that is currently a waste by-product of oil production and as a result of the present practice of gas flaring, contributes to significant environmental damage in the region.
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