The ministry of oil said that the results obtained from drilling a well “East Khurbet 18″ of the Dijlah company shared between the GPC and Gulf Sands is not a new discovery but new results will lead to an increase in the reserve and improvement in the rate of production from the field.

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Sources of Gulf Sands in Syria told “Syria-Oil” that the company published accurate information in English on its website on this subject are identical with its statement of the Ministry of Oil and GPC, but some of the media translated information to the Arabic language is inaccurate and without reference to the company which is necessary to note and clarification.

Reuters published in 26/10/2010 that :

Gulfsands Petroleum gave a positive update on its Khurbet East-18 (KHE-18) well in Syria on Monday, after the Syria-focused oil explorer found an oil-bearing reservoir 12 metres higher than pre-drill estimates.

The company, which also has interests in Tunisia and the U.S., said it found a gross 45.8-metre column of oil bearing reservoir at the site.

‘The extension of the crest of the Khurbet East field to the northwest with high quality karst reservoir is very encouraging,’ Chief Executive Ric Malcolm said in a statement.

Gulfsands said it would calculate the recoverable oil volumes at the site, with the results of the process expected during the first quarter of 2011.

‘The update on Khurbet East is positive and should help underpin an expected reserve upgrade on the field at year-end,’ said analyst Richard Rose of Oriel Securities, who maintained a ‘buy’ rating on the stock.

Gulfsands currently owns a 50 percent working interest and is operator of Block 26 in North East Syria, where the Khurbet East field is located.

The explorer’s shares, which have risen about 45 percent since the start of the year during which period the company rebuffed a takeover offer, were up 3.1 percent at 343.25 pence at 0728 GMT on the London Stock Exchange.

Syria-oil