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Gulfsands publishes Lambouka results

Exploration & Production

Gulfsands Petroleum PLC has announced that ADX Energy Ltd, the operator of the Kerkouane Exploration Licence offshore Tunisia has provided the results of an internal study which was undertaken to provide a preliminary volumetric estimate of the potential hydrocarbon resource associated with the Lambouka gas discovery.

This estimate incorporates information from the newly acquired 3D seismic data as well as drilling and petrophysical log data from the recent Lambouka-1 well. Gulfsands has said these estimates were made without the benefit of recovering hydrocarbons to surface through either fluid sample recovery via wire-line methods, or hydrocarbon flow during a drill-stem test, neither of which activities could be performed during drilling operations primarily due to down hole well conditions.

There remain a number of areas of uncertainty regarding the volumetric parameters associated with the Lambouka discovery and therefore industry standard stochastic methods were used to generate this resource estimate. The estimate incorporates a similar 'gas to condensate ratio' as was identified in the nearby Dougga gas condensate field, Lambouka-1 well site gas chromatography data which indicated a condensate rich gas and an absence of CO2 which was not detected on measuring equipment during the drilling of the well.

Gulfsands says the estimates reflect contingent resources as they have been produced without the benefit of a detailed field development plan or analysis of other factors of economic relevance. The estimates for the Lambouka discovery are as follows: Gas Resource (BCF) P90: 145 P50: 277 Mean: 309 P10: 528 Condensate (mmbbls) P90: 11 P50: 21 Mean: 24 P10: 41Oil Equivalent (mmboe) P90: 35 P50: 67 Mean: 75 P10: 129