Gulfsands Petroleum- Tunisia: Commencement of Drilling Operations at Sidi Dhaher-1

abarrelfullabarrelfull wrote on 30 Aug 2011 07:18
Tags: gulfsands tunisia upstream

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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, Tunisia, Italy and the U.S.A., wish to provide the following update on the Company's drilling activity in Tunisia.

ADX Energy, the operator of the Chorbane licence onshore Tunisia, has confirmed that drilling operations on the Sidi Dhaher-1 exploration well commenced at at 18:00 hours Friday 26th August 2011.

Sidi Dhaher-1 has a planned total depth of 2,168 meters and is expected to take 33 days to drill. In the success case, additional time will be required for further formation evaluation.

The Sidi Dhaher prospect is located within the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. The prospect is surrounded by several producing oil fields and extensive oil and gas infrastructure. The Sidi Dhaher-1 well is targeting an Eocene aged reservoir with operator estimated prospective resources of 175 billion cubic feet (5 billion m3) of recoverable gas and a Cretaceous aged reservoir with operator estimated prospective resources of 44 million barrels (5.9 million tons) of oil.

Additional targets have been identified in the deeper Douleb and Bireno reservoirs that produce oil and gas in the Guebiba-El Hajeb field immediately east of the Chorbane permit.

Gulfsands is earning a 40% interest in the Chorbane permit by meeting 80% of the well costs for the Sidi Dhaher-1 well which are capped at US$5 million and thereafter meeting its pro rata (40%) share of any additional costs beyond US$5 million. In the event of a commercial success with the Sidi Dhaher-1 well, Gulfsands will be entitled to become the operator of the Chorbane permit.

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