Gulfsands Petroleum has provided the following update on the Company's operations at Block 26, Syria where Gulfsands holds a 50% interest and acts as operator.
KHE-13 Development Well Flows Oil
The KHE-13 development well, located approximately 1.5 kilometers to the southwest of the KHE-1 discovery well and approximately 1.4 kilometers northwest of the KHE-8 appraisal well, encountered the top of the Cretaceous Massive Formation at a measured depth ("MD") of 1936 meters (1539 meters true vertical depth sub surface ("TVD SS")) and was drilled to a total depth of 1990 meters MD (1593 meters TVD SS).
Preliminary interpretation of drilling data and wireline logs has identified a gross oil column within the well-bore of 33 meters with a net pay of 29 meters having an average porosity of 18%, similar to previous wells. The base of the oil-bearing reservoir is at a depth of 1969 meters MD (1572 meters TVD SS). A definitive oil-water contact was not identified in the well-bore.
An open-hole drill-stem test was conducted over the interval 1933-1973 meters MD. The KHE-13 well flowed naturally over a 24 hour test period at an average rate of 1020 barrels of oil per day ("bopd") on a 32/64" choke setting. Negligible quantities of formation water were produced during this flow period.
The well has been completed as a future production well and plans are in place to tie the well into the Khurbet East Early Production Facility ("EPF"), located approximately 3.5 kilometers northeast of KHE-13.
Forward Drilling Program
Following the completion of operations at KHE-13 the rig was moved to the KHE-14 drilling location approximately 4.9 kilometers south of the KHE-1 discovery well. Drilling of KHE-14 has now commenced and is designed as a vertical development well to intersect the oil water contact in the Khurbet East field. The well should also provide valuable information on reservoir presence and continuity in the southwest portion of the field.
The first well in the 2010 exploration drilling program, Zaman-1, will commence drilling after completion of operations on KHE-14. The Zaman prospect is located approximately 4.5 kilometers to the south of the Khurbet East Field as currently delineated and targets the same Cretaceous Massive formation as is under production at Khurbet East.
Khurbet East Field Oil Production
Average daily gross oil production at the Khurbet East field continues to be in excess of 17,000 barrels per day with the result that as of December 17, cumulative gross oil production will have reached 6 million barrels, with minimal water production and minimal pressure depletion being observed to date.
Ric Malcolm, Gulfsands CEO, said, "The successful drilling and testing of the KHE-13 development well is a pleasing result, as is the continued steady oil production from the Khurbet East Field and the reaching of another significant milestone this week of 6 million barrels gross production."
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