Proactive investorsLogo Proactive Investors UK Website

Search field
  • Precious and base metals exploration specialists in Latin America Mariana Resources
  • Oil & Gas exploration, development & production in Europe Northern Petroleum
  • Eastern Europe Mineral Exploration Lydian International
  • Acquisition & Exploration of Potash Properties WESTERN POTASH CORP

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Epic & Msn data
Epic GPX
Time: 12:56:42
Mid Price: 133.00
Change Today: -2.50 Descending
Change % Today: -1.85 Descending
Fifty Two Week High: 229.75
Fifty Two Week Low: 94.25
Market Capital: 157.63
Period & price data
Period Price
Now: 133.00
3 Months ago: 138.00
6 Months ago: 196.50
1 Year ago: 156.75
Additional information
Additional Information
Market: AIM
Sector: Energy
Epic: GPX
News: Latest news
Web Site: Gulfsands Petroleum
Other Articles: 15-12-200804-12-200819-11-2008

RSS - Subscribe to the NewsEditorial news ▼

Proactive Investors United Kingdom

RSS - Subscribe to the NewsBreaking news ▼

Proactive Investors United Kingdom

RSS - Subscribe to the NewsEditorial news ▼

Proactive Investors North Americarss_icon

RSS - Subscribe to the NewsEditorial news ▼

Proactive Investors Australiarss_icon

Gulfsands Petroleum

Gulfsands Petroleum plc is an independent oil and gas production, exploration and development company. Gulfsands has exploration and development projects in the Syrian Arab Republic and exploration projects in the USA (offshore Gulf of Mexico and onshore Gulf Coast) and has signed a Memorandum of Understanding relating to a large project in Iraq.

In the Syrian Arab Republic, Gulfsands owns a 50% working interest in Block 26 and is the operator. In the USA Gulf of Mexico, Gulfsands owns interests in 54 offshore blocks comprising approximately 193,000 gross acres which includes numerous producing oil and gas fields offshore Texas and Louisiana. Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Misan Gas Project in Southern Iraq and following a completion of a feasibility study on the project, is currently negotiating details of a definitive contract for this regionally important development.
CLICK HERE FOR FULL ANLAYSIS OF GULFSANDS PETROLEUM
Wednesday, November 19, 2008

Gulfsands discovers oil at Yousefieh-1, Syria, and Khurbet East is performing better than expected

by Andre Lamberti company news image

AIM-listed Gulfsands Petroleum PLC has found oil at the Yousefieh-1 well in the Gulfsands-operated Block 26, Syria, and announced that cumulative  oil production from the Khurbet East Field has now exceeded 1 million barrels and the field is performing better than expected.

The Yousefieh-1 well, located approximately 3 kilometres from the Khurbet East  early  production  facility,  has encountered 63  metres  of  net  oil pay  in  the  target  Cretaceous reservoir system  and flowed  at an average rate of approximately 900 barrels of oil per day (bopd) over a 3 hour period with  no water produced. The preliminary results of the test indicate very good reservoir permeability.

A more extensive production testing programme over the reservoir section of the Yousefieh well is expected to commence in the next few weeks, Gulfsands said.

Oil production from the Khurbet East field has just passed the milestone of  a cumulative one million barrels since  production began  in  July, and the field is  continuing  to  average  production  of approximately 11,500 bopd from 5 wells with only trace amounts  of water.

Pressure monitoring indicates there continues to be only minimal reservoir pressure reduction.

As a consequence of  the  better than  expected performance  of  Khurbet East,  the company is  anticipating a re-evaluation  of reserves there which will be undertaken by RPS Group PLC as of year-end 2008, with results expected in the first quarter of 2009.

Gulfsands CEO Ric Malcolm said: "The discovery of oil at Yousefieh-1 provides strong encouragement for future exploration.   This is the second oil discovery to be made in Block 26 within two years and demonstrates its very prospective nature. 

The first discovery at Khurbet East is consistently producing at high rates through the early production facility. The close proximity of the Yousefieh oil discovery to Khurbet
East, together with the high quality reservoir encountered, provides encouragement for an early declaration of commerciality on this discovery."

Gulfsands is an oil and gas production, exploration and development company with activities in Syria, Iraq and the US.


NewsNow icon AddThis Feed Button
Register here to be notified of future Gulfsands Petroleum articles.

Other Gulfsands Petroleum articles


Other Gulfsands Petroleum news

More news ►

Investors interested in Gulfsands Petroleum recently viewed

You need the Flash Player version 8.0.0.0 or higher and a JavaScript enabled browser to view this content

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.