Gulfsands second find in Syria
Posted:24 November 2008
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Independent oil player Gulfsands Petroleum has discovered oil at the Yousefieh-1 well in Syria approximately three kilometres from the Khurbet East Early Production Facility.
Yousefieh-1, located in Block 26, was drilled to a total vertical depth of 2139 metres and yield about 900 barrels of oil per day in the target Cretaceous reservoir system where a 63 metres of net oil pay was encountered, the company said.The Yousefieh-1 well was an exploration well designed to evaluate a stratigraphic trap in this portion of Block 26 unlike the structural trap of the Khurbet East Field.
The company is currently preparing plans to undertake an extensive 3D seismic data acquisition programme to assist in the delineation of leads and prospects in the areas surrounding the Khurbet East Field and the Yousefieh-1 discovery.
The Yousefieh-1 well will now be suspended and the rig moved to the Khurbet East Field to drill a delineation well at the north end of the Khurbet East Field with the aim of establishing the oil water contact and also with the potential to be used later as a water disposal well.
The company said more extensive production testing programme over the reservoir section of the Yousefieh well is expected to commence in the next few weeks.
“The discovery of oil at Yousefieh-1 in a new play-type is an exciting and significant outcome for the company and provides strong encouragement for future exploration,” said Ric Malcolm, CEO of Gulfsands. “This is the second oil discovery to be made in Block 26 within two years and demonstrates it's very prospective nature.”
“The close proximity of the Yousefieh oil discovery to Khurbet East, together with the high quality reservoir encountered, provides encouragement for an early declaration of commerciality on this discovery,” Malcolm added.
Meanwhile, the company announced that its Khurbet East Field has now exceeded one million barrels of cumulative oil production marking an important milestone. Gulfsands is anticipating a re-evaluation of the Khurbet East Field reserves which will be undertaken by RPS Group by the end of 2008, with results expected in the first quarter of 2009.
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