31st Jul 2014 10:12
LONDON (Alliance News) - Gulfsands Petroleum PLC Thursday said it has discovered a strong region of gas at its Lalla Yetou Updip-1 well at the Rharb Centre permit in northern Morocco.
The oil and gas exploration and production company said the well has been successfully drilled to total depth of 1,182 metres and flowed gas to the surface at an estimated rate of 6.6 million standard cubic feet per day with no formation water.
The company said the well is currently being monitored for pressure build up, after which it will be temporarily suspended as a future gas producer.
Drilling at the well started on June 20 and gas readings found during drilling showed the presence of a gas bearing region of 12 metres thickness in the well's target interval.
Gulfsands said the main reservoir found seems to be consistent with its pre-drill expectations.
"We are very pleased with the successful results achieved in the LTU-1 well. This well is the first well location to be drilled following our interpretation of seismic data acquired in the recently completed Rharb 3D seismic programme which we hope will provide a firm foundation for further drilling successes on this permit," Chief Executive Mahdi Sajjad said in a statement.
Gulfsands Petroleum shares were up 12% to 54.36 pence, putting it in the top ten AIM All-Share risers on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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