Oil and Gas Corporate News
Gulfsands Petroleum (LON:GPX) (Under Review) (GPX, 150.75p, ? 4.69%) provided an update on operations in Syria. The Yousefieh East exploration well ("Yous-6") has been drilled using the Crosco-E401 rig to test an undrilled structural high in Cretaceous age carbonates located approximately 3 kilometres to the east of the Yousefieh field discovery well. The Yous-6 well encountered oil bearing Cretaceous Massive Formation reservoir at a depth of 2045 metres Measured Depth. Interpretation of wireline logs indicates a gross porous reservoir interval of 18.1 metres was encountered overlying a non-porous interval, and having a net oil column of 12.8 metres, average porosity of 18% and average oil saturation of 69%. Pressure data obtained via wireline logs indicates that the oil bearing reservoir is slightly depleted versus initial reservoir conditions, indicating that the Yousefieh East structure is likely to represent an eastern flank extension of the Yousefieh field which is currently on production at approximately 2,600 barrels of oil per day. The Yous-6 well was production tested and produced at an average oil flow rate of approximately 250 bopd of 20 degree API oil for 4 hours on 2 inch choke under nitrogen assisted lift conditions with no water production. The well will be tested further following acidization of the reservoir in a rig-less operation. The impact of Yous-6 on Yousefieh reserves will be evaluated as part of the year-end reserves review. Operations have been completed on the Safa-1 exploration well. The Safa-1 well is interpreted to have encountered the Cretaceous Shiranish Formation at 1937m. Well testing operations were conducted in open hole over sections of the gross reservoir column in three stages, however only formation water of low salinity plus traces of viscous oil were recovered to surface, even after an acidification of the net reservoir interval was performed. The Safa-1 exploration well therefore has been plugged and abandoned as a non-commercial heavy oil discovery. Production operations on Block 26 continue without interruption. Combined gross oil production from the Khurbet East and Yousefieh fields has averaged in excess of 24,000 bopd to date during the month of August following commissioning of an additional Khurbet East sub-station facility on 6th August 2011.
Ithaca Energy (LON:IAE) (IAE, 113.25p, ? 0.22%) announced its quarterly financial results for the three months ended June 30, 2011 and half yearly financial…
