Gulfsands has provided the following operations update for Block 26, Syria.
Drilling operations at KHE-10 has commenced at a surface location approximately 80 meters north of the recently completed vertical KHE-9 well. The KHE-10 well will be deviated to a bottom-hole location offset approximately 700 meters towards the northwest and is designed as a horizontal producer. This will be the second of three development wells programmed for 2009, all of which will be targeting the highly productive central portion of the field. These three producers will provide the additional oil required to bring production rates up from a recent average of approximately 10,800 barrels of oil per day (bopd) to an end of 2009 production rate of approximately 16,000 bopd following expansion of processing capacity of the Khurbet East Early Production Facility to a capacity of approximately 18,000 barrels of fluid per day. Production start-up is expected early in the third quarter.
Khurbet East Oil Production
Gross oil production from the Khurbet East Oil Field has reached a cumulative 3 million barrel milestone. The Field continues to perform above expectations with strong pressure support and high productivity from producing wells.
Exploration 3D Seismic Program
Acquisition of the 850 square kilometer 3D seismic program has now been completed on time and within budget. Data is being transferred to PGS in Cairo for processing. Delivery of final processed data is expected late in the third quarter of 2009, with interpretation of these data to commence immediately thereafter.
Ric Malcolm, Gulfsands CEO, said, "It is pleasing that development drilling is on schedule at Khurbet East in preparation for an increase in field production rates early in the third quarter. Also pleasing is the excellent production performance of the Khurbet East Field and reaching another important milestone. Completion of the 3D acquisition should now set the framework for a potentially active exploration programme in 2010."
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