Tunisia: Sidi Dhaher Update

abarrelfullabarrelfull wrote on 12 Nov 2011 12:21
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 Sidi Dhaher discovery in Tunisia.

Following the recently announced oil discovery at the Sidi Dhaher -1 well (see release of 3rd October, 2011) located within the Chorbane Block onshore Tunisia, a review of the existing seismic and geologic data was undertaken in order to incorporate the well results and provide the basis for a preliminary estimate of the oil in place at the Sidi Dhaher discovery. This review has now been completed.

ADX Energy ("ADX"), the Operator of the Chorbane Block, has provided the following management estimate of the original oil in place ("OOIP"), calculated using probabilistic methods.-P90 OOIP of 13 million barrels
-P50 OOIP of 37 million barrels
-P10 OOIP of 110 million barrels
-The Mean OOIP estimate is 51 million barrels
Assessment of recoverable volumes and resulting potential reserves are contingent upon completion of the currently ongoing fluid studies and a flow test from the well. ADX is currently in the process of finalizing rig selection to proceed with well testing as soon as is practicable.

The Sidi Dhaher-1 well is located within the 2,428 km2 Chorbane Exploration Permit onshore central Tunisia, near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.

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.

This release has been approved by Richard Malcolm, Chief Executive of Gulfsands Petroleum Plc who has a Bachelor of Science degree in Geology with 30 years of experience in petroleum exploration and management. Mr. Malcolm has consented to the inclusion of the technical information in this release in the form and context in which it appears.

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