Gulfsands Completes Seismic Acquisition on Block 26 in Syria
Gulfsands has completed the acquisition of approximately 1,155 line kilometers of 2D seismic data within Block 26 in which Gulfsands has a 50% working interest and is the operator. This acquisition program exceeds the 500 line kilometer minimum work obligation for the Initial Exploration Period. The acquisition program was designed to provide additional seismic data coverage over several previously identified leads as well as to identify new leads in selected prospective areas. In the northern portion of the Block, these leads include Cretaceous reservoir targets offsetting the large Souedieh, Rumailan, Hamzeh and Karatchok fields as well as the deeper and highly prospective Paleozoic reservoir targets. Data acquired in the southwest portion of Block 26 will provide additional seismic coverage over several previously identified Paleozoic reservoir leads. Gulfsands also expects that these data will aid in the identification of new exploration leads and prospects.
Gulfsands is the operator of the Block 26 Production Sharing Contract (PSC) area in Syria. Block 26 is in excess of 11,000 square kilometers (2.8 million acres) and is in the prolific El Hasekah region of Northern Syria. There are a number of large producing oil fields contained within Block 26, including Souedieh, Rumailan, Hamzeh and Karatchok. Production is primarily from Cretaceous age reservoirs, and the estimated ultimate recovery from these fields is in excess of 3 billion barrels of oil. Although the current producing intervals within these producing fields are not included within the Block 26 PSC, Gulfsands does have the rights to reservoirs beneath the existing fields and to all depths outside of existing fields within Block 26. Based on existing seismic data and well control, Gulfsands has identified 31 prospects and leads in Block 26 and the Company plans to drill a minimum of 4 wells within Block 26 by August 2007.
Gulfsands expects that the processing of the seismic data will be completed in the first quarter of 2006 and interpretation of these data will commence immediately thereafter. These data will be used by Gulfsands to select and rank exploration drilling locations.
John Dorrier, CEO of Gulfsands Petroleum, said:
"Completion of the seismic program in Block 26 is the first step in Gulfsands' aggressive program of exploration in the Block since becoming operator in mid-2005. This seismic data, in conjunction with the program of drilling planned this year, will yield near-term results that could have a significant positive effect on the Company's oil and gas reserves."
- Gulfsands Unable to Get Extension for its Fes Agreement Onshore Morocco (Oct 16)
- Gulfsands Ousts CEO, Names Waterford Nominee as Chairman (Apr 14)
- Gulfsands Confirms DOB-1 Well as a Gas Discovery (Feb 23)