Gulfsands Petroleum plc has discovered natural gas in multiple pay zones in the EI57 #16 well, located in the Eugene Island protraction area within the Gulf of Mexico.
The EI57 #16 well was drilled by the Hercules 150 jack-up to a total measured depth of 12,542' (12,260' TVD). Gulfsands' preliminary analysis of the well logs indicates total net pay of approximately 95' from multiple pay zones within high quality Miocene aged reservoirs. The hydrocarbons encountered are natural gas with associated condensate. Production casing has been set and the well is being prepared for tie-in to the EI57 offshore platform.
Gulfsands owns a 24.99% working interest in the EI57 #16 well. Total cost to drill and run production casing was approximately $5.97 million (Gulfsands net $1.49 million). Total estimated cost to run a gravel pack completion and install a pipeline and surface facilities is approximately $5 million (Gulfsands net $1.25 million). Production from this well is expected to commence in August 2008.
'We are very pleased with the results of the EI57 #16 well, and the expected rapid tie-in to the EI57 platform is particularly attractive in the current product price environment,' said Andrew West, Chairman of Gulfsands Petroleum.
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