Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) (HOLD, £3.50) (GPX, 401.5p, ? (0.38%)) provided an update on its operations in Syria. The Twaiba 1 exploration well, located approximately 7km to the north of the Khurbet East Field, has been drilled to a total depth of 2016m MD (2016m TVD) as a sole risk operation by Gulfsands (Gulfsands 100% working interest). Preliminary interpretation of drilling data and wire-line logs has identified two net pay intervals within the regionally productive Cretaceous aged reservoir section, the "Shiranish" and "Massive" Formations. The Shiranish Formation contains a net pay section of approximately 31m, at 1872-2003m, with average porosity of approximately 21%. A definitive oil-water contact is not identified for this reservoir interval. Preliminary indications from observation of cuttings and core recovered from the well-bore suggests that the oil present at the Twaiba location may be of lower API gravity than that of the adjacent Khurbet East Field, but may be similar to that found in other fields in the immediate area. A production liner has been cemented in place over this interval, and a production test will be undertaken over this interval once testing has been completed on the slightly deeper Massive Formation reservoir. The Massive Formation contains a net reservoir section of approximately 8m, with average porosity of approximately 15%. An open-hole drill-stem test will be conducted over the interval 1952-1970m. The results of the testing programme will be the subject of a further news release. It is estimated that the net cost to Gulfsands of drilling and testing the Twaiba-1 well will be approximately US$1.0m after cost recovery. Following completion of the testing programme the well will be suspended as a potential future production well. After completion of operations, the rig will be moved to the Abu Ghazal 1 location. Further operations at Twaiba, including any appraisal drilling, will be considered once the testing and other results have been fully analyzed. The Zahraa 1 exploration well has been drilled to a total depth of 2450m MD as a sole risk operation by Gulfsands (Gulfsands 100% working interest). The Zahraa 1 well encountered the top of the Shiranish Formation, the shallowest potentially productive reservoir for the Zahraa prospect, at a depth of 1802m MD or approximately 121m higher than the pre-drill prognosis, and the base of the Cretaceous aged section was encountered at 2394m…
