TIDMGPX
RNS Number : 3713B
Gulfsands Petroleum PLC
06 January 2015
Gulfsands Petroleum Plc
Morocco Drilling Activities Update
-- DRC-1 well encounters gas bearing reservoir of excellent
quality representing second consecutive successful gas exploration
well on Rharb Centre Permit
-- Operations on DRC-1 well to be completed within 10 days after
which rig will move to next drilling location ("DOB-1")
London, 6(th) January, 2015:Gulfsands Petroleum plc
("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and
gas production, exploration and development company with activities
in Syria, Morocco, Tunisia and Colombia, is pleased to provide the
following update on drilling activities in Morocco.
Morocco:
Rharb Drilling Operations
Drilling operations on the Dardara Southeast 1 well ("DRC-1"),
located within the Rharb Centre Permit in Northern Morocco have now
been concluded. Drilling operations were completed approximately
two days ahead of plan.
The DRC-1 well was drilled to a Total Depth ("TD") of 1,153
metres Measured Depth ("MD") and encountered the primary reservoir
target interval on prognosis at a depth of 875 metres MD.
Significantly elevated gas readings obtained while drilling, as
well as interpretation of geological samples and wireline logs,
indicate the presence of a gas bearing sandstone reservoir section
of excellent quality.
Detailed petrophysical evaluation of DRC-1 wireline logs yield
an initial interpretation indicating a 53 metres gross thickness of
excellent quality reservoir sand between 875-928 metres MD, with a
net gas bearing sand thickness of 16 metres, evaluated average gas
saturation of 68% and average porosity of 34%. A gas-water contact
has been observed in the well at approximately 895 metres MD as
evidenced by wireline log and formation pressure data.
Forward Rharb Drilling Operations
In addition to encountering a potentially highly productive net
gas bearing interval of 16 metres, the DRC-1 well result indicates
substantial additional gas exploration potential to exist in an
adjacent and up dip fault block and this will be targeted in
drilling during 2015.
Due to the presence of over-pressured shales in the lower
section of the well-bore, and in order to ensure that the well-bore
integrity was maintained for wire-line logging operations, the well
was not deepened further to the original planned TD of 1,280 metres
MD.
The DRC-1 well will now be cased and cemented, and then
perforated, completed and, subject to a clean-up flow period,
suspended as a future gas production well.
Operations on the DRC-1 well are expected to be completed within
10 days. A further operational update on this well will be provided
in due course.
The DRC-1 well is the second well to be drilled based on the
interpretation of 3D seismic survey data shot by Gulfsands on the
Rharb Centre Permit in 2013. The first well to be drilled based on
these data, earlier this year, resulted in the discovery of gas in
well LTU-1.
Upon completion of drilling operations at DRC-1, the Company
plans to move the rig to the Douar Ouled Balkhair drilling location
("DOB-1").
The Douar Ouled Balkhair gas prospect is mapped on Gulfsands' 3D
seismic survey as a fault and dip closed structural trap, and is
characterised by bright seismic amplitudes and low seismic acoustic
impedance signals in the same manner as was displayed by mapping on
seismic of the gas reservoirs encountered in Gulfsands previous two
successful gas exploration wells LTU-1 and DRC-1. The primary
target sand interval lies between 808 metres MD and 870 metres MD
and a secondary target interval is recognised between 973 metres MD
and 1052 metres MD. The planned total depth of the DOB-1 well is
1130m MD.
Extraordinary General Meeting
Shareholders are reminded that this meeting is to be held at
10.00am on Tuesday 13(th) January 2015 and that Proxy Forms
completed by registered shareholders must be returned to the share
registrar, Capita Registrars, not later than 10.00am on Friday
9(th) January, 2015.
Mahdi Sajjad, the Company's CEO commented:
"We are delighted with the results of the drilling operations
and petrophysical evaluation of the DRC-1 well which point to it
being the best exploration success that the Company has achieved in
Morocco to date. We look forward to completing the well and
observing the production performance during well clean-up
operations. The results have given us a firmer understanding of the
local geology and the indication of further gas exploration
potential to exist up dip in the Dardara South East structure is
particularly pleasing."
This release has been approved by Ian Conway, Gulfsands
Executive Director Technical and Operations, who has Bachelors and
Masters degrees in Physics and has 28 years' of experience in
petroleum exploration and management. Mr. Conway has consented to
the inclusion of the technical information in this release in the
form and context in which it appears.
Petrophysical evaluation results quoted in this News Release
have been provided by Roger Jenner. Mr Jenner is an independent
industry consultant petrophysicist who has more than 30 years of
experience in performing petrophysical evaluations of wireline log
data. Prior to working as an independent consultant Mr Jenner
worked for operating and service companies involved with
petrophysical data acquisition and analysis. He has performed
numerous petrophysical evaluations on log data from Moroccan
onshore biogenic gas wells on behalf of different operating
companies. Mr Jenner has consented to the inclusion of the results
of his petrophysical evaluation of well DRC-1 in this News
Release.
For further information on the matters referred to in this
announcement, please refer to the Company's website
www.gulfsands.com
Gulfsands Petroleum +44 (0)20 7024 2130
Mahdi Sajjad, Chief Executive Officer
Kenneth Judge, Commercial Director
Buchanan +44 (0)20 7466 5000
Bobby Morse
Ben Romney
RBC Capital Markets +44 (0)20 7653 4000
Matthew Coakes
Daniel Conti
Jakub Brogowski
FirstEnergy Capital +44(0)20 7448 0200
Jonathan Wright
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities
legislation. These forward-looking statements are based on certain
assumptions made by Gulfsands and as such are not a guarantee of
future performance. Actual results could differ materially from
those expressed or implied in such forward-looking statements due
to factors such as general economic and market conditions,
increased costs of production or a decline in oil and gas prices.
Gulfsands is under no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
laws.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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