Oil and Gas Corporate News
Gulfsands Petroleum (LON:GPX) plc (UNDER REVIEW) (GPX, 211.75p, ? 0.83%) provided an update on operations in Syria. Rig-based operations have recently concluded on the Khurbet East 19 ("KHE-19") and Khurbet East 19 Sidetrack ("KHE-19 ST1") utilizing the Crosco E-401 rig. The KHE-19 ST1 well has been completed as a potential future oil production well and awaits a flow testing trial which will be conducted shortly via a rig-less operation. The KHE-19 vertical well encountered the Massive Formation at 1967 metres Measured Depth ("m MD") or 1561 metres True Vertical Depth sub-sea ("m TVD ss"). The well encountered a gross vertical oil column of approximately 4 metres, however formation pressure data obtained via wireline sampling in the KHE-19 well-bore indicates that the Massive section in this well is not in communication with the Khurbet East field. A flow test was not undertaken on the vertical section and the well was plugged back in order to proceed with a sidetrack contingency operation that was included in the pre-drill plan as part of the field delineation strategy. The Yousefieh 7 ("Yous-7") vertical well located on the northern flank of the Yousefieh field was spudded on the 19th May 2011 utilizing the Crosco E-501 rig. The Yous-7 well location was selected in order to gain information on reservoir extent and quality in the undrilled northern flank of the Yousefieh field. The Yous-7 well encountered the Massive Formation at 1972 m MD (1554 m TVD ss), 18 metres deep to prognosis. The well encountered a gross reservoir pay interval of approximately 34 metres and a net oil column thickness of approximately 27 metres with average porosity of 17%. Pressure data obtained via wireline sampling in the Yous-7 well-bore indicates that the oil bearing Massive section in this well is in good pressure communication with the main producing area of the Yousefieh field with reservoir pressure showing depletion of between 30-40 psi, which is in line with expectations. The Yousefieh East exploration well ("Yous-8") will target an untested structure in Cretaceous age carbonates located approximately 3 kilometres to the east of the Yousefieh field discovery well with estimated mean unrisked oil resources of approximately 14 million barrels. The Yousefieh East well is located within the Yousefieh field Development Licence Area and, in the success case, could be quickly tied back and produced into the existing…
