Drilling Commences on Yousefieh-1 Exploration Well
Immediate Release 6 October 2008
Gulfsands Petroleum plc
Drilling Commences on Yousefieh-1 Exploration Well
London, 6th October 2008: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq,
and the U.S.A., is pleased to announce that drilling operations have
commenced on the Yousefieh-1 exploration well in Block 26.
The Yousefieh-1 well is planned to be drilled to a total vertical
depth of approximately 2300 meters, and will target Cretaceous aged
reservoirs identified within a structure located immediately adjacent
to the Khurbet East Oil Field. The well is designed to evaluate the
potential of a newly identified play type within the Cretaceous
reservoir system.
The Yousefieh-1 well is located very close to existing
infrastructure, with the surface location of the well lying within 3
kilometers of the Khurbet East Early Production Facility (EPF).
The Company expects that drilling operations will be completed within
45 days.
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002
Jon Bey, Investor Relations: North America + 1 866 689 2599
Buchanan Communications Limited (London) +44 (0)20-7466-5000
Bobby Morse
Sam Botterill
RBC Capital Markets (London) +44 (0)20-7653 4804
Andrew K. Smith
Sarah Wharry
ABOUT GULFSANDS:
Gulfsands is listed on AIM.
Syria
Gulfsands owns a 50% working interest and is operator of Block 26 in
North East Syria. The Khurbet East oil field was discovered following
the completion of drilling of the KHE-1 well in June 2007 and
commenced commercial production within 13 months of the discovery.
This field is currently producing in excess of 11,500 barrels of oil
per day through the Khurbet East Early Production Facility (EPF).
Block 26 covers approximately 8,250 square kilometres and encompasses
existing fields which currently produce over 100,000 barrels of oil
per day. These fields are operated mainly by the Syria Petroleum
Company. On 23 August 2007, the Company initiated the first extension
period of exploration on Block 26 for a further period of three
years.
Iraq
Gulfsands signed a Memorandum of Understanding in January 2005 with
the Ministry of Oil in Iraq for the Maysan Gas Project in Southern
Iraq and following completion of a feasibility study on the project
is negotiating details of definitive contract for this regionally
important development. The project will gather, process and transmit
natural gas that is currently a waste by-product of oil production
and as a result of the present practice of gas flaring, contributes
to significant environmental damage in the region.
Gulf of Mexico, USA
The Company owns interests in 48 offshore blocks comprising
approximately 168,000 gross acres which includes numerous producing
oil and gas fields offshore Texas and Louisiana with proved and
probable recoverable reserves net to Gulfsands at 31 December 2007 of
41.5 BCFGE (6.9 MMBOE), consisting of 27.3 BCFG and 2.36 MMBO.
Onshore USA
Gulfsands owns interests in two oil and gas fields onshore Texas, USA
(98.5% working interest in Emily Hawes Field and 37.5% working
interest in Barb Mag Field) with proved and probable recoverable
reserves net to Gulfsands at 31 December 2007 of 3.1 BCFGE (0.5
MMBOE), consisting of 2.8 BCFG and 57,000 barrels of oil.
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.
More information can be found on the Company's website
www.gulfsands.net.
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