Gulfsands ups Syrian Block 26 reserve estimates

Gulfsands Petroleum Plc said on Thursday its proved gross reserves at Block 26 in Syria have risen by 82 percent, lifting the oil and gas company’s interest in the block to 17.7 million barrels of oil (mmbbls).

The company, which has a 50 percent working interest in the block comprising Khurbet East and Yousefieh Fields, said the proved (1P) reserves rose to 35.4 mmbbls from 19.4 mmbbls.

 
Gulfsands, which has activities in Syria, Iraq, and the United States, also said the proved plus probable (2P) gross reserves for Block 26 rose 20 percent to 70.4 mmbbls.

 
The company said its 50 percent working interest 2P reserves rose to 35.2 mmbbls from 29.4 mmbbls.
Production at Khurbet East Field to date is in excess of 2.6 mmbbls with only trace amounts of water, it added.

 
Gulfsands said it expected the Khurbet East 2P reserves to occur much more rapidly than was previously estimated and that about 62 percent of the 2P reserves would be recovered by the end of 2015 versus the previous estimate of 34 percent.

 
The company is proceeding with plans to bring into production the Yousefieh Field during 2009. The field was discovered in November 2008.

 
Proved Reserves are the quantities of petroleum, which can be estimated with reasonable certainty to be commercially recoverable from a given date forward from known reservoirs under defined economic conditions.

 
Probable Reserves are those additional reserves, which are less likely to be recovered than proved reserves.