Gulfsands Discovers Natural Gas in Eugene Island Well
Gulfsands Petroleum plc announced that the Company has discovered natural gas in multiple pay zones in the EI38 #17 well, located in the Eugene Island protraction area within the Gulf of Mexico, this follows the successful gas discovery from the EI57 #16 well.
The EI38 #17 well was drilled by the Hercules 150 jackup to a total measured depth of 12,292' (11,443' TVD). Gulfsands' preliminary analysis of the well logs indicates total net pay of approximately 121' from multiple pay zones within high quality Miocene aged reservoirs. The hydrocarbons encountered are natural gas with associated condensate. Production casing has been set and the well is being prepared for tie-in to the EI57 offshore platform.
Gulfsands owns a 24.99% working interest in the EI38 #17 well. Total cost to drill and run production casing was approximately $4.83 million (Gulfsands net $1.21 million). Production from this well is expected to commence in August 2008.Andrew West, Chairman of Gulfsands Petroleum said, "The EI38 #17 well is the second successful well from a two well drilling campaign at Eugene Island. Both wells will add significant cash flow from our US assets once they are tied-in for production in August, further underpinning our strategy of having production, development and exploration assets in our portfolio."
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