Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) plc (UNDER REVIEW) (GPX, 268p, ? .6%) provided an operational update for Syria. Operations have recently been completed on the Khurbet East 101 ("KHE-101") appraisal well. The well has been suspended as a potential future oil production well following a drill-stem test ("DST") that achieved a potentially commercial stabilized flow rate of 447 barrels of oil per day ("bopd") of 34 deg API oil from the Triassic aged Butmah Formation reservoir. The Crosco E-501 rig will now be moved to the Yousefieh 7 ("Yous-7") well location on the northern flank of the Yousefieh field. Gulfsands drilling operations in Syria Block 26, using the Crosco E-401 and E-501 drilling rigs, are continuing as planned and have continued without interruption during recent months. Drilling operations on Abu Ghazal are ongoing and will be the subject of a future news release. Oil production and revenue receipts from the Khurbet East and Yousefieh fields continue without interruption. Both fields demonstrate continued strong performance with limited reservoir pressure loss and minimal production of formation water. Daily average oil production from Khurbet East during April 2011 was approximately 18,000 bopd, which is at or near the maximum possible based on current surface facility capacity. Daily average production at the Yousefieh Field during April 2011 was approximately 2,700 bopd.
Max Petroleum (LON:MXP) Plc (BUY, 50p) (MXP, 16.75p, ? 0.0%) provided an operational update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan. Drilling has commenced at the NARS-1 exploration well on the Narmundanak South prospect in Block E, the tenth of the Company's 15 post-salt exploration prospects. The total depth of the well will be approximately 1,700 metres, targeting Triassic reservoirs. Drilling at the ASK-1 exploration well in the Asanketken prospect on Block E has been slower than expected due to mechanical problems encountered with the drilling rig that are currently being addressed. The well has not yet reached the primary Triassic target section between 2,800 to 3,250 metres, which the Company expects to evaluate in the next several weeks. The results of the well will be announced after the Company reaches its target depth of approximately 3,300 metres and logs the well. The Company earlier announced a Jurassic discovery in the ASK-1 well with 24 metres of net oil pay…
