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Gulfsands Provides Update on 2010 Seismic Program

Source: www.gulfoilandgas.com 10/6/2010, Location: Middle East

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Gulfsands Petroleum plc, the oil and gas production, exploration and Development Company is pleased to provide the following update on the Company's operations at Block 26, Syria.

3D Seismic Acquisition Programe
The 2010 3D seismic acquisition programe, consisting of approximately 1025 km2 of new 3D seismic data directly west of the Greater Khurbet East area, is approximately 50% complete. The programe remains on track to be completed during the fourth quarter of this year, with delivery of the final processed data during the first quarter of 2011.

Khurbet East and Yousefieh Production
Combined production from the Khurbet East and Yousefieh fields has reached approximately 21,000 bopd, with approximately 3000 bopd being produced from the Yousefieh field, and 18,000 bopd from Khurbet East. Both fields continue to produce oil with negligible associated volumes of formation water.

Commenting on this operations update, Ric Malcolm, CEO of Gulfsands, said
"We continue to improve efficiencies and build momentum in Block 26, with two rigs to be drilling concurrently from mid-October. We are now producing oil from 12 wells and within reach of our year-end target of 22,000 barrels per day."

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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