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Gulfsands Announces Multi-zone Oil and Gas Discovery at Khurbet East - 1 Well, Syria

Source: www.gulfoilandgas.com 6/4/2007, Location: Middle East

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Gulfsands Petroleum plc announced that drilling and initial testing operations on the Khurbet East ("KHE-1") discovery well in Syria Block 26, where Gulfsands is operator and owner of 50% interest, have now been completed after a successful drill-stem test of the deepest productive reservoir encountered in the well-bore. KHE-1 will be suspended as a future oil production well. After completion of operations on KHE-1, the rig will move immediately to the KHE-2 appraisal well location.

The KHE-1 well encountered four significant hydrocarbon bearing reservoirs. The deepest of these, the Triassic aged Kurrachine Dolomite Formation, flowed oil to the surface on drill-stem test at a rate of approximately 478 barrels of oil per day ("bopd") with a gas to oil ratio ("GOR") averaging approximately 2000 standard cubic feet per barrel ("scf/bbl"). Preliminary assessment of the oil gravity is 35 degrees API.

In order to preserve the mechanical integrity of the KHE-1 well-bore as a future oil producer, the Company will not undertake testing operations of the shallower pay zones identified in the KHE-1 well-bore using the KHE-1 well-bore.

The Company previously announced that the KHE-2 appraisal well will be drilled immediately after completion of operations on KHE-1. The KHE-2 appraisal well is specifically designed to more completely evaluate the Tertiary and Cretaceous reservoirs (Chilou and Massive respectively) encountered in KHE-1.

The Cretaceous Massive Formation in KHE-1 contains approximately 22 metres of net oil pay over a 25 metre gross interval based on wireline log interpretation, reservoir pressures and fluid sample recovery. The oil in this reservoir has an API gravity of approximately 24 degrees, based on PVT analysis of the recovered oil sampled.

The Tertiary Chilou 'B' Formation contained approximately 26 metres of net oil pay, based on wireline log interpretation. The KHE-2 well will also provide further information on the lateral extent and continuity of these reservoirs. The Company expects the final results from KHE-2 in early August.

An appraisal well for the Triassic aged Kurrachine Dolomite and Butmah reservoirs encountered in KHE-1 will be required in order to provide additional information on reservoir extent and continuity, and the Company is therefore proceeding with plans for the drilling of a second appraisal well as soon as practicable.

The Company is also finalizing plans for acquisition of a 3D seismic survey over the Khurbet East structure and surrounds. These data will aid in the development of the Khurbet East reservoirs and will be used to select additional exploration drilling locations in the vicinity of the Khurbet East structure.

Khurbet East Structure

The Khurbet East discovery is a relatively large fault-bound structural culmination, with closure mapped at multiple reservoir levels. The areal extent of the structure is approximately 15 square kilometres at the Triassic aged Kurrachine Dolomite Formation reservoir level. The KHE-1 discovery well is located approximately 12 kilometres southwest of the Souedieh Oil Field and 12 kilometres south of the Roumelan Oil Field. There is an existing oil pipeline that has available capacity. With the significant existing infrastructure within the confines of Block 26 and the close proximity to an existing pipeline, production from Khurbet East may be accelerated with associated early cash flow from this discovery.

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