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Zaman- 1 exploration well abandoned

Exploration & Production
Exploration and development company, Gulfsands Petroleum plc, has provided an update on the its operations at Block 26, Syria where the company holds a 50 per cent interest and acts as operator.xploration and development company, Gulfsands Petroleum plc, has provided an update on the its operations at Block 26, Syria where the company holds a 50 per cent interest and acts as operator.

Operations have been concluded on the Zaman-1 exploration well, the first of four wells in the 2010 exploration drilling programme.
The Zaman-1 well, located approximately 4.5 km 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 2,086 m Measured Depth (MD), or 1,699 m True Vertical Depth (TVD) below mean sea level and nine metres deeper than pre-drilling prognosis.
A core section of approximately three metres was recovered at 2,092 metres MD that was stained with shows of viscous oil. Wireline logs indicated that approximately four metres of net reservoir pay of average porosity 17 per cent 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 2,086 and 2,100 metres MD that flowed formation water at a rate of approximately 1,460 bpd with only traces of oil being observed at surface. Below 2,100 metres 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 per cent share of the Zaman-I exploration well is estimated at approximately US$1.5mn before cost recovery and approximately US$450,000 after cost recovery
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 kilometres north of Khurbet East Field.
Average daily gross oil production at the Khurbet East Field continues at a rate of approximately 17,000 bpd with the result that cumulative gross oil production has exceeded seven million barrels, with minimal water production and minimal pressure depletion being observed to date.
The KHE-13 vertical development well, located approximately 1.5 km to the south-west of the KHE-1 discovery well and brought into production in January producing approximately 300 bpd, began to produce formation water with a water-cut rising to approximately 15 per cent.
The well has demonstrated the production capability of the southern portion of the Khurbet East Field, and it will now be shut in until completion of the commissioning of the Central Processing Facility (CPF) which will incorporate water separation and processing capabilities currently not available at the Early Production Facility.
A down-hole operation to shut off the water producing zone in the KHE-13 well will not be attempted at this time to avoid any risk of blocking oil production from a key productive zone in the Khurbet East Field as the CPF will comfortably handle any water produced in association with oil production from this well.
This decision is not expected to negatively impact the company's guidance of anticipated production from the Khurbet East Field during 2010.