First Khurbet East Development Well Successfully Completed

Block 26, Syria
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Gulfsands Petroleum plc, the oil and gas production, exploration and development company with activities in Syria, Iraq, and the U.S.A., announced that the Company has successfully completed the drilling of its first development well within the Khurbet East Field ("KHE-4") following the recent approval by the Syrian Government for the development of the Khurbet East Field.

The KHE-4 well was drilled to a total depth of approximately 1,935 metres, and the top of the reservoir section was encountered within 3 meters of the pre-drill prognosis. The well has now been completed and suspended as a future oil producer, and will be brought on line when the Khurbet East Early Production Facility is operational, scheduled to commence by Q4 2008. As planned, the Company did not undertake a drill-stem test with this well as the tests from the KHE-2 and KHE-3 wells provide sufficient information for the vertical wells in this portion of the Field. As previously announced, a drill stem test on the KHE-3 appraisal well produced at an average stabilized rate of 3,420 bopd with 206,000 cubic feet of natural gas per day.

The KHE-4 well is the first development well within the Khurbet East Field, and is designed to deliver oil production from the Cretaceous Massive Formation reservoir. KHE-4 is a vertical well located near the currently mapped crest of the structure.

Drilling operations on KHE-4 were completed ahead of schedule and under budget, which is a significant achievement for the first development well in the Field. The next development well in the Field, KHE-5H, is designed and will be completed as the first horizontal well within the Massive Formation reservoir. Drilling operations on KHE-5H are expected to commence in mid-March 2008.

Gulfsands CEO John Dorrier, said, "KHE-4 is the first development well in the field. We have planned an aggressive programme of drilling and early production for the balance of 2008, and look forward to updating the market on its progress."


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