Shares in Gulf of Mexico and Middle East focused oil and gas explorer and producer, Gulfsands Petroleum (AIM: GPX) were in demand this morning after the company reported an that its KHE-13 well in Syria has intersected a 29 metre (net) oil column and flowed oil.
KHE-13 is located only 1.5 kilometres south-west of the KHE-1 discovery well, and 1.4 kilometres north-west of the KHE-8 appraisal well. KHE-13 intersected a gross oil column of 33 meters (29 metres net pay) at a depth of 1969 metres. Initial testing has confirmed an average porosity of 18%, in line with other wells drill by Gulfsands Petroleum on the Block 26. The oil column was encountered at the top of the Cretaceous Massive Formation. Initial flow tests were also promising, with the well flowing at an average rate of 1020 barrels of oil per day (“bopd”) on a 32/64 inch choke with negligible water.
Gulfsands plans to tie the well into the Khurbet East Early Production Facility 3.5 kilometres to the north-east.
The rig used to drill KHE-13 has now commenced drilling of the KHE-14 well, which is another vertical development well in the south-western end of the field. Once completed, the rig will be moved on to drill the Zaman-1 well which will be testing the Zaman prospect which is located some 4.5 kilometres south of the Khurbet East Field.
Gulfsands also reported today that average daily gross oil production at Khurbet East continues to be in excess of 17,000 bopd.
"The successful drilling and testing of the KHE-13 development well is a pleasing result, as is the continued steady oil production from the Khurbet East Field and the reaching of another significant milestone this week of 6 million barrels gross production,” Ric Malcolm, Gulfsands CEO said.