Gulfsands Petroleum Company announced that the oil and gas production exploration and development company with activities in Syria at Block 26, Syria Khurbet East in July 2008 has now passed 4 million barrels of oil a year.

The company said in a statement to Syria-oil that Khurbet East 12 Drilling operations have recently been completed on delineation well KHE-12, located 3.2 kilometres south of KHE-8, previously the most southerly well drilled in the field.

The company added that Yousefieh No.1 Remedial Cementing and Flow Testing saying that the Yousefieh-1 well, drilled in November 2008, was re-entered in August 2009 to conduct remedial cementing operations on the production liner and to subsequently flow test the well.

Gulfsands said that A successful appraisal is expected in Yousefieh-3 field at this location to enable the Company to proceed later this year with an application for commercial development of the Yousefieh Field adding that drilling and testing operations are anticipated to take approximately 45 days.

 
GPC’s sources affirmed all previous data.

Gulfsands owns a 50% working interest and is operator of Block 26 in North East Syria . The Khurbet East oil field was discovered in June 2007 and commenced commercial production within 13 months of the discovery. This field is producing at an average production rate of approximately 14,800 barrels of oil per day through an early production facility. Block 26 covers approximately 8,250 square kilometres and encompasses existing fields which currently produce over 100,000 barrels of oil per day, and are operated mainly by the Syrian Petroleum Company. The current exploration license expires in August 2010 and is extendable for a further two years. Gulfsands’ working interest 2P reserves in Syria at 31 December 2008 were 35.2 mmbbls.

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