Gulfsands Petroleum PLC
19 February 2007
Khurbet East Well Commences in Syria
London, 19th February, 2007: Gulfsands Petroleum plc (AIM: GPX), the oil and
gas production, exploration and development company with activities in the
U.S.A., Syria and Iraq is pleased to announce that the Company has commenced
drilling the Khurbet East ('KHE 1') exploration well within Block 26, Syria.
Gulfsands, the operator and 50% working interest owner in Block 26, Syria, has
commenced the drilling of the KHE 1 exploration well located in the northeast
region of Block 26. The KHE 1 prospect is a fault-bound structural culmination,
with closure mapped at multiple potential reservoir levels. These include
reservoirs of Cretaceous, Triassic and Palaeozoic age. The well is located
approximately 12 kilometers southwest of the Souedieh Oil Field and 12
kilometers south of the Roumelan Oil Field. The total drilling depth of the KHE
1 well is expected to be approximately 3,700 metres and will require
approximately 100 days to drill and evaluate at an estimated cost of $7.2
million, or $3.6 million net to Gulfsands.
After drilling the KHE 1 well, the Company is planning to drill its fourth '
commitment well' on Block 26 following the return to Gulfsands of the high
powered rig used for drilling the Tigris-1 well, which is anticipated to occur
around July 2007.
Gulfsands' CEO, John Dorrier, said:
'The Company's PSC conveys rights to all depths in the Khurbet East area, so the
prospect has potential in multiple zones including the proven productive
reservoirs of Cretaceous and Triassic age in the fields just north and east of
the prospect location, as well as potential reservoirs in the Palaeozoic. In
the event of an oil or gas discovery at Khurbet East, commercialisation would be
relatively straightforward through production infrastructure located only 12
kilometers away near Roumelan Field.'
Certain statements included herein constitute 'forward-looking statements'
within the meaning of applicable securities legislation. These forward-looking
statements are based on certain assumptions by Gulfsands and as such are not a
guarantee of future performance. Actual results could differ materially from
those expressed or implied in such forward-looking statements due to factors
such as general economic and market conditions, increased costs of production or
a decline in oil and gas prices. Gulfsands is under no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable laws.
For further information including the Company's recent investor presentation,
please refer to the Company's website www.gulfsands.net or contact:
Gulfsands Petroleum (Houston) + 1-713-626-9564
John Dorrier, Chief Executive Officer
David DeCort, Chief Financial Officer
Gulfsands Petroleum (London) 020-7182-4016
Kenneth Judge, Director of Corporate Development 07733-001-002
College Hill (London) 020-7457-2020
Nick Elwes
Paddy Blewer
Teather & Greenwood (London) 020-7426-9000
James Maxwell (Corporate Finance)
Tanya Clarke (Specialist Sales)
This information is provided by RNS
The company news service from the London Stock Exchange
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