28th Oct 2013 11:51
LONDON (Alliance News) - Gulfsands Petroleum PLC Monday said it has begun drilling sites and has almost completed seismic studies at its Morocco operations.
The oil-and-gas exploration-and-production company with operations in the Middle East and North Africa said drilling operations at its AKR-1 well in the company's Rharb prospect in northern Morocco have now commenced, using the company's COFOR SAS drilling rig.
The company said the AKR-1 well is the first of nine wells to be drilled on the Rharb permits and it expects drilling operations on the well to be completed within 28 days.
Gulfsands also said its 220 kilometre 3D seismic survey in the Rharb area is expected to be completed by the end of October and a second seismic survey at the site is expected to be completed early 2014.
The company said that it expects to start one or two new wells on the Fes permit in the site during 2014 based on the data collected by the seismic surveys.
Gulfsands shares were up 0.3% to 60.70 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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