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Gulfsands Petroleum Signed a Drilling Rig Contract

Source: 10/6/2010, Location: Middle East

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Contract for Second Drilling Rig and Zahraa-1 Exploration Well in Block 26
Due to the large remaining drilling inventory in Block 26, Gulfsands Petroleum Company has signed a contract for a second drilling rig, the Crosco 501, to undertake drilling operations in Block 26. The first well in the campaign for this rig is the Zahraa-1 ("ZAH-1") exploration well located in the far northeast portion of the Block.

The ZAH-1 exploration well will be drilled as a "sole risk" well with Gulfsands having a 100% interest in the well and any subsequent discovery, subject to the Company's partner in the Block having the right, in certain circumstances, to "back into" a 50% interest in any discovery upon reimbursing Gulfsands a multiple of the costs incurred in acquiring 3D seismic data and drilling of the well.

The ZAH-1 exploration well will evaluate a structure that is similar, on trend and adjacent to the neighboring producing Karatchok oil field. The drilling location was selected based on interpretation of 3D seismic data acquired over the prospect area. The primary targets for the well are the Cretaceous aged Shiranish and Massive formations, and the well is planned to drill to a total measured depth of 2600 meters.

The well will spud after the rig has been mobilized to the location, which is now likely to occur in mid-October. It is expected that drilling and evaluation operations for this well will require approximately 45 days.

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