7th Dec 2006 07:00
Gulfsands Petroleum PLC07 December 2006 Drilling Update - Tigris-1 well, Syria London, 7th December, 2006: Gulfsands Petroleum plc (AIM: GPX), the oil and gasproduction, exploration and development company with activities in the USA,Syria and Iraq is pleased to provide an update on the drilling of the Tigris-1well in Block 26, Syria. The Company has set 9 5/8 inch casing at a depth of 3,435 metres on the Tigris-1well in Block 26, Syria. At this depth, the wellbore has entered into thePalaeozoic aged geologic section to which the Company owns contractual rights inthe Tigris structure. The well is currently drilling at a depth of 3,546 metres,and it is anticipated to take a further 45 days to complete drilling andwireline logging operations on this well. The Tigris-1 well is projected to reach a total depth of approximately 4,500metres and the surface location is located within the areal limits of theSouedieh Field, where production of oil and gas from Cretaceous and Triassicreservoirs is operated by the Syria Petroleum Company. The Tigris-1 wellobjectives are the deeper Palaeozoic age reservoirs, for which the Company holdscontractual rights, underlying the Souedieh Field. Gulfsands is the operatorand has a 50% working interest in Block 26. The Tigris-1 well is the second well to target the Palaeozoic aged reservoirswithin the overall Tigris structure. The S1100 well, drilled in 1994 by theSyrian Petroleum Company and located approximately 1 kilometre northeast of theTigris-1 well, was the first well to intersect these reservoirs within thisstructure. Independent interpretation of the wireline logs from the S1100 wellindicates a substantial hydrocarbon column. The main objective of the Tigirs-1well is to confirm the presence of this hydrocarbon column. The Tigris structure has been estimated by Ryder Scott Company, L.P. to haveprobable reserves of 442 BCF of natural gas, and when combined with possiblereserves and prospective resource a total potential resource of some 4.3 TCF ofnatural gas, or 562 million barrels of oil. The Ryder Scott reserve reports canbe viewed on Gulfsands' website at www.gulfsands.net. Gulfsands has also completed its recent seismic acquisition programme,consisting of 266 kilometres of 2D seismic data. This data will be used toassist the definition of potential drilling locations. Processing is currentlyunderway and delivery of the final interpretations is anticipated to commenceprior to year end. Gulfsands' CEO, John Dorrier, said: "We are pleased to have reached this landmark depth in Tigris-1. We can nowbegin drilling the geologic section which the Company owns contractual rightsto, and evaluate the reservoir concepts this well is designed to test." NB: This release has been approved by the Company's geological staff whoinclude Jason Oden B Sc (Geophysics), Gulfsands Exploration Manager with 22years of experience in petroleum exploration and management and a ProfessionalGeophysicist, for the purpose of the Guidance Note for Mining, Oil and GasCompanies issued by the London Stock Exchange in respect of AIM companies, whichoutlines standards of disclosure for mineral projects. For further information including the Company's recent investor presentation,please refer to the Company's website www.gulfsands.net or contact: Gulfsands Petroleum (Houston) + 1-713-626-9564John Dorrier, Chief Executive OfficerDavid DeCort, Chief Financial Officer Gulfsands Petroleum (London) 020-7182-4016Kenneth Judge, Director of Corporate Development 07733-001-002 College Hill (London) 020-7457-2020Nick ElwesPaddy Blewer Teather & Greenwood (London) 020-7426-9000James Maxwell (Corporate Finance)Tanya Clarke (Specialist Sales) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gulfsands Petroleum