Gulfsands Petroleum, an oil and gas production, exploration and development company with activities in Syria, Iraq, and the U.S. Wednesday announced that it has commenced the drilling of its first development well within the Khurbet East Field (KHE-4) following the recent approval by the Syrian Government for the development of the Khurbet East Field.
Gulfsands Petroleum, an oil and gas production, exploration and development company with activities in Syria, Iraq, and the U.S. Wednesday announced that it has commenced the drilling of its first development well within the Khurbet East Field (KHE-4) following the recent approval by the Syrian Government for the development of the Khurbet East Field.
The Company is also now able to confirm that a 100 km2 area of Block 26 has now been converted to the Development Area of Khurbet East Field (Development Area).
Additionally, the company has successfully completed the 240km² exploration 3D seismic acquisition programme located to the south of Khurbet East, and has commenced seismic processing and interpretation of the data acquired in the recently completed Khurbet East 3D seismic survey.
The KHE-4 well is a development well within the Cretaceous Massive Reservoir near the KHE-1 location.
Following the two successful appraisal wells (KHE-2 and KHE-3), the KHE-4 well is the first well on the Khurbet East Field that is planned and designed as a development well.
The KHE-4 well is located within 150 metres of the KHE-1 discovery well surface location, near the currently mapped crest of the structure.
The company plans to use the KHE-1 well for oil and gas production from the deeper Kurrachine Dolomite and Butmah Formations, with the KHE-4 well concentrating on production from the Cretaceous Massive Formation.
The total drilling depth of the KHE-4 well is expected to be 1,950 metres and will require 30 days to drill and evaluate, at a gross cost including rig mobilization and demobilization costs of $1.8 million, or $900,000 net to Gulfsands.
Following the recent receipt of approval for the commercial development of the Khurbet East Field, the Syrian Ministry of Petroleum and Mineral Resources has granted approval of the company's application for establishment of the Development Area.
The 100 km2 Development Area will be operated in partnership with the Syrian Petroleum company (SPC) through a joint operating company.
The company has now commenced seismic processing and interpretation of the newly acquired 3D seismic, which will be used in assisting in the selection of additional development well locations in the Khurbet East Field during 2008 and 2009, as well as identifying any "near-field' exploration locations adjacent to the Field.
The company has also completed the acquisition of a 240 km² exploration 3D seismic programme located to the south of Khurbet East.
These data are expected to assist in maturing exploration leads within the greater Khurbet East area into prospects suitable for drilling.
Seismic processing has commenced with interpretation to begin upon delivery of the final data.
CEO, John Dorrier, said that the commencement of the development drilling programme at Khurbet East is a further significant milestone for the company as it swiftly moves toward first oil production from the Field.
It also expects the 3D seismic survey south of Khurbet East to yield high-quality exploration drilling prospects, and anticipates that one or more of these prospects should be drill-ready during 2008, he said
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