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Gulfsands Commences Drilling Tigris-1 Well Within Block 26, Syria

Source: www.gulfoilandgas.com 9/11/2006, Location: Middle East

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Gulfsands Petroleum plc has commenced drilling the Tigris-1 well within Block 26, Syria. The Tigris-1 represents the first of a series of wells proposed to be drilled by the Company in Block 26 over the next 12 months. Gulfsands is currently in final negotiations on an additional drilling rig to be utilized within Block 26 for this continuous drilling program.

Gulfsands, the operator and 50% working interest owner in Block 26, has commenced the drilling of the Tigris-1 confirmation well located in the northeast region of Block 26. This vertical well will be drilled to an approximate depth of 4,500 meters with the primary objective being Carboniferous and Devonian aged reservoirs directly underlying the Souedieh Oil Field, the largest known oil field in Syria. This well is scheduled to take 90 to 120 days to drill and evaluate at an estimated cost of $7.3 million, or $3.65 million net to Gulfsands.

The Tigris-1 well will be the second well to target the Carboniferous and Devonian aged reservoirs within the overall Tigris structure. The S1100 well, drilled in 1994 by the Syrian Petroleum Company and located approximately 1 kilometre northeast of the Tigris-1 well, was the first well to intersect these reservoirs within this structure. Independent interpretation of the wireline logs from the S1100 well indicates a substantial hydrocarbon column. The main objective of the Tigirs-1 well is to confirm the presence of this hydrocarbon column.

Tigris has been estimated by Ryder Scott Company, L.P. to have 442 BCFG of gross probable reserves with a net present value discounted at 10% of $233 million net to Gulfsands 50% working interest. Ryder Scott has estimated the gross prospective resource size for Tigris as some 4.3 TCF of natural gas, or 562 million barrels of oil.

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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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