Gulfsands Petroleum deems Zaman-1 uncommercial in Syria, moves to spud Hanoon-1

Gulfsands Petroleum reported that operations have been concluded on the Zaman-1 exploration well on Block 26 in Syria. Zaman-1 was the first of four wells in the 2010 exploration drilling program.

The Zaman-1 well, located approximately 4.5 kilometers to the south of the Khurbet East Field, targeted the same Cretaceous Massive Formation as is under production at the Khurbet East Oil Field. Zaman-1 encountered the top of the Cretaceous Massive Formation at approximately 2086 meters Measured Depth ("MD"), or 1699 meters True Vertical Depth ("TVD") below mean sea level and 9 meters deeper than pre-drilling prognosis. A core section of approximately 3 meters was recovered at 2092 meters MD that was stained with shows of viscous oil. Wireline logs indicated that approximately 4 meters of net reservoir pay of average porosity 17% were encountered near the top of the well, a result consistent with the oil staining observed on the core section.

An open-hole test was conducted between 2086 and 2100 meters MD that flowed formation water at a rate of approximately 1460 barrels per day with only traces of oil being observed at surface. Below 2100 meters MD, the reservoir was evaluated from wireline logs as being water bearing and tight with secondary porosity attributable to natural fractures.

Consequently, the Zaman-1 well has been interpreted as having a small non-commercial quantity of oil reservoired and has been plugged and abandoned. The cost to Gulfsands for its 50% share of the Zaman-I exploration well is estimated at approximately US$1.5 million before cost recovery and approximately US$450,000 after cost recovery

Hanoon-1 Exploration Well to Spud Imminently

Following the completion of operations at Zaman-1, the rig will be moved to the Hanoon-1 exploration well location. The Hanoon-1 well will target the Cretaceous Massive formation within an anticlinal closure located less than 10 kilometers north of Khurbet East Field.

Gulfsands serves as operator of Block 26 in Syria with 50 percent interest.



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