Gulfsands Petroleum PLC Morocco Drilling Update (8453B)
January 12 2015 - 2:00AM
UK Regulatory
TIDMGPX
RNS Number : 8453B
Gulfsands Petroleum PLC
12 January 2015
Gulfsands Petroleum Plc
Morocco: Rharb Drilling Programme
London, 12(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.
Operations Update
Well perforating, completion and clean-up operations have now
been concluded on the
Dardara Southeast 1 well ("DRC-1") located within the Rharb
Centre Permit in Northern Morocco.
Following an initial 3 hour well clean-up flow period, the well
was fully unloaded of completion fluids to a 100% gas stream.
During a subsequent 6 hour flow period the well flowed at an
average gas rate of 7.1 Million standard cubic feet per day on a
32/64(th) " choke with a stable well head pressure of 1230 pounds
per square inch, and with no associated formation water production
or sand production.
The well is to be suspended as a future gas production well and
the COFOR drilling rig will move to the Douar Ouled Balkhair
("DOB-1") drilling location, where gas exploration well DOB-1 will
be spudded later this month. Operations on the DOB-1 well are
expected to take 28 days in total.
Subject to finalisation of arrangements with ONHYM, the company
anticipates that the DRC-1 well can be connected to existing local
infrastructure so that production of gas for sale can commence in
the coming months.
Mahdi Sajjad, the Company's CEO commented:
"We are very pleased with the flow result from well DRC-1, the
performance of which is consistent with the apparent excellent
quality of the reservoir observed from drilling and wire line log
information. We look forward to receiving the results from our next
exploration well in the Rharb Centre Permit over the next few
weeks.
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.
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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