Gulfsands Encouraged by Yousefieh Results at Syria's Block 26

Block 26, Syria
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Gulfsands has provided the following update on operations in Block 26, Syria.

Yousefieh--1 Discovery Well Testing

The Company recently undertook a cased-hole production test of the Yousefieh-1 discovery well. The objective of this test was to obtain reservoir and production information additional to that obtained from the open-hole drill-stem test (DST) carried out in November 2008.

A 13.5 metre interval at the top of the reservoir was perforated and flow tested at an average rate of approximately 1460 barrels of oil per day ("bopd") on a 48/64" choke over a four hour test period, and 570 bopd on 32/64" choke over a twelve hour test period. These flow rates were achieved with substantially lower reservoir pressure drawdown than during the previous open-hole DST, indicating better than expected reservoir performance. As a result of an ineffective cement bond behind casing, vertical isolation was poor, and it is believed that the whole 63 meter net oil pay interval was contributing to flow. This assessment is supported by the presence of a small amount of water (up to 5% by volume) being produced during the flow tests. Remedial cementation of the production liner is planned to isolate the water producing zone prior to the commencement of production from the well.

Yousefieh-2 Appraisal Well

The Yousefieh-2 appraisal well, located approximately 1.8 km east of the Yousefieh-1 well, targeting the eastern limit of the same but thinner Cretaceous reservoir encountered in Yousefieh-1, has been successfully drilled to a total depth of 2070 meters. Based on preliminary wireline log interpretation, the well encountered a gross reservoir section of approximately 85 meters (approximately 57 meters net) with an estimated gross oil column of approximately 36 meters (approximately 16 meters net) with an average porosity of approximately 16%. These results are consistent with the pre-drill expectations for the well.

An open hole drill-stem test (DST) was conducted which recovered trace quantities of oil in water with intermittent flow to surface. It is thought this test potentially may have been contaminated by brine flows from a non-reservoir interval. A liner will now be set over the reservoir interval which is planned be subject to a cased-hole production test at a later date using a work-over rig.

3D Seismic Data Acquisition

Acquisition of the 640 square kilometer 3D seismic survey to be acquired in the area around Khurbet East and Yousefieh is proceeding well with approximately 30% of the survey completed to date. The survey is intended to compliment and expand the area previously surveyed by 3D seismic, assist in the delineation of already identified leads and to pursue stratigraphic traps similar to Yousefieh.

Ric Malcolm, Chief Executive said, "The results from the Yousefieh-2 appraisal well are encouraging for commerciality of the field. Given that the Yousefieh-1 discovery well is just 3 kilometers from the intended location of the Khurbert East Full Field Development, we will be considering what adjustments should be made to our previously planned sizing of the Full Field Facilities for which tendering for construction and supply is shortly to commence."




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