OilVoice - Gulfsands Reports Another Oil Discovery in Syria

Gulfsands Reports Another Oil Discovery in Syria

Wednesday, May 06, 2009

Gulfsands Petroleum, the UK listed oil producer and exploration company with assets in Syria and the Gulf of Mexico, announced this morning that its KHE-9 development struck oil and achieved flow rates of over 3,000 barrels of oil per day (BOPD). This is the 9th well drilled in the Khurbet East field and the 9th success in a row. It is anticipated that the well will be tied into the early production facility once its capacity has been increased from 10,000 BOPD to 16,000 BOPD in the next quarter.

Gulfsands is one of the largest independent oil producers in Syria and has embarked on a strategy to increase its production from the current 11,000 BOPD to 35,000 BOPD by the end of next year.

Gulfsands also announced that there were further delays to bringing back onstream the Eugene Island assets in the Gulf of Mexico following last year's hurricanes. Gulfsands is not operator of these assets and has a working interest in many small fields offshore Texas.

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