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Yousefieh-1, Block 26, Syria Operations Update

Source: www.gulfoilandgas.com 11/5/2008, Location: Middle East

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Gulfsands Petroleum plc, the oil and gas production, exploration and development company with activities in Syria, Iraq, and the U.S.A., is pleased to provide the following update on the drilling of the Yousefieh-1 well in Block 26, Syria, where Gulfsands is operator and an update on production from the Khurbet East Field:

Yousefieh 1 Well, Block 26, Syria:
The Yousefieh-1 well has encountered the target Cretaceous formation at approximately 1940 metres vertical depth. The formation was encountered at a slightly shallower depth than was projected prior to the commencement of drilling.

Core sampling operations over this reservoir section were successfully completed and together with oil recovered during drilling operations, have indicated the presence of oil. The recovered cores will be further evaluated and analysed by the Company's consultants in Egypt.

Following completion of these activities the Company will resume drilling to the original target depth of approximately 2300 meters. The Company intends to run a complete logging programme on the well once drilled to target depth and expects drilling and testing operations will be completed within two weeks.

The Yousefieh-1 well is targeting Cretaceous aged reservoirs identified within a structure located immediately adjacent to the Khurbet East Field and was designed to evaluate the potential of a newly identified play type within the Cretaceous reservoir system. The well is located very close to existing infrastructure, with the surface location of the well lying within 3 kilometers of the Khurbet East Early Production Facility (EPF).

Khurbet East Field, Block 26, Syria:
During October, the results of the pressure monitoring survey conducted in September on the Khurbet East field have been further evaluated. When taken in conjunction with the production performance of the Field, these suggest that the Massive reservoir parameters may be better than was estimated at the time of development approval last February. This, combined with the negligible amount of produced water in the Field thus far, indicates that the Field reserves may be understated. A re-evaluation of the Khurbet East Field reserves will be undertaken by RPS Group Plc as of year-end 2008, with results expected in Q1 2009.

During the month of October, additional pressure monitoring work was carried out to further assess the performance of the Field's reservoir which involved the shutting in of each of the producing wells. During uninterrupted production, the Field continued to average in excess of 11,000 bopd from 5 wells (2 horizontal and 3 vertical producers) with only trace amounts of water.

To 31st October 2008 over 840,000 barrels of oil have been produced from the Field. Gulfsands invoices for oil produced and delivered to the oil processing facilities of the Syrian Petroleum Company on a monthly basis and Gulfsands has received payment for all invoiced oil on a timely basis following marketing of the oil by the Government of Syria in accordance with the provisions of the contract for the Exploration and Development and Production of Petroleum (the "Contract") under which Gulfsands is operating in Syria. Oil sales have been achieved at prices in line with historic pricing of Syrian Souedieh blend, which historically has averaged a discount of approximately 11 per cent to the price of Brent crude.

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