Gulfsands Petroleum has provided a production update for the Khurbet East Field in Block 26 in Syria.
KHURBET EAST FIELD, BLOCK 26, SYRIA
During October, the results of the pressure monitoring survey conducted in September on the Khurbet East field have been further evaluated. When taken in conjunction with the production performance of the Field, these suggest that the Massive reservoir parameters may be better than was estimated at the time of development approval last February. This, combined with the negligible amount of produced water in the Field thus far, indicates that the Field reserves may be understated. A re-evaluation of the Khurbet East Field reserves will be undertaken by RPS Group Plc as of year-end 2008, with results expected in Q1 2009.
During the month of October, additional pressure monitoring work was carried out to further assess the performance of the Field's reservoir which involved the shutting in of each of the producing wells. During uninterrupted production, the Field continued to average in excess of 11,000 bopd from 5 wells (2 horizontal and 3 vertical producers) with only trace amounts of water.
To October 31, 2008 over 840,000 barrels of oil have been produced from the Field. Gulfsands invoices for oil produced and delivered to the oil processing facilities of the Syrian Petroleum Company on a monthly basis and Gulfsands has received payment for all invoiced oil on a timely basis following marketing of the oil by the Government of Syria in accordance with the provisions of the contract for the Exploration and Development and Production of Petroleum (the "Contract") under which Gulfsands is operating in Syria. Oil sales have been achieved at prices in line with historic pricing of Syrian Souedieh blend which historically has averaged a discount of approximately 11 per cent to the price of Brent crude.
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