Gulfsands has reported on operations at Block 26, Syria, where Gulfsands holds a 50% interest and acts as operator.
The Khurbet East ("KHE")-14 delineation well, located approximately 1 kilometre north of delineation well KHE-12 and approximately 4.9 kilometers south of the KHE-1 discovery well, was drilled to a total depth of 2045 meters measured depth ("MD") and 1626 meters true vertical depth below mean sea level ("TVD SS") with the primary objective being to intersect the oil-water contact in the Khurbet East field.
The well encountered the top of the Cretaceous Massive Formation at a measured depth ("MD") of 1988 meters (1571 metres TVD SS) and the preliminary interpretation of drilling data and wireline logs identified a gross oil column at the top of the Massive Formation of 14 meters, with a net oil pay of 6 meters and average porosity within the pay zone of 22%.
The KHE-14 well flowed oil of 27 degrees API at an average rate of 613 barrels of oil per day ("bopd") for a 7 hour period on a 2" choke using nitrogen lift. Negligible quantities of formation water were produced during this flow period.
Well KHE-13, which was drilled and completed at the end of last year, has been tied back to the Khurbet East Early Production Facility, located approximately 3.5 kilometers northeast of the KHE-13 surface location. The well is currently producing at approximately 310 bopd under natural flow and with negligible amounts of formation water. The production performance exhibited by well KHE-13 is in line with expectations and consistent with its location within the field; well productivity is not as strong as that demonstrated by the high performance production wells located near the crest of the field, but is superior to that observed from wells drilled in the southern flank. Well KHE-13 will be a candidate for production enhancement later this year via installation of permanent artificial lift equipment.
Zaman-1, the first well in the 2010 exploration drilling programme, was spudded on Friday 15th January. The Zaman prospect is located approximately 4.5 kilometres to the south of the Khurbet East Field as currently delineated and targets the same Cretaceous Massive formation under production at the Khurbet East field. Gross unrisked speculative reserves for this prospect are estimated to be in the order of 23 to 35 million barrels of oil. Drilling operations on the Zaman-1 well are anticipated to take approximately 45 days to complete.
Ric Malcolm, Gulfsands CEO, said, "The positive and significant results from KHE-14 delineation well in addition to the start of oil production from KHE-13 both represent very significant milestones in the continuing development of the Khurbet East Field from both a production and potential reserves perspective. With the spudding of the Zaman-1 exploration well, the Company now commences an active and potentially exciting exploration drilling program of four wells during 2010."
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