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05/26/14 - €0.88
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gulfsands petroleum plc (G3G) Details

Gulfsands Petroleum plc, an independent oil and gas exploration and production company, is engaged in the exploration, development, and production of oil and gas primarily in the Middle East, North Africa, and the Republic of Colombia. It has exploration projects in Morocco, and onshore and offshore Tunisia; two operated interests in exploration licenses in Colombia; and a non-operated portfolio of producing oil and gas properties in the United States. The company was founded in 1997 and is headquartered in London, the United Kingdom.

57 Employees
Last Reported Date: 05/31/14
Founded in 1997

gulfsands petroleum plc (G3G) Top Compensated Officers

Founder, Chief Executive Officer, President a...
Total Annual Compensation: $788.0K
Director of Finance & Administration and Exec...
Total Annual Compensation: $97.0K
Compensation as of Fiscal Year 2013.

gulfsands petroleum plc (G3G) Key Developments

Gulfsands Petroleum plc Provides Update on Drilling Activities in Morocco

Gulfsands Petroleum plc provided the following update on drilling activities in Morocco. Drilling operations on the Douar Ouled Balkhair 1 gas exploration well ("DOB-1") located within the Rharb Centre Permit in Northern Morocco have now concluded with the DOB-1 well being confirmed as a gas discovery. During testing of this discovery, gas flowed to surface during the well's clean up flow period at rates in excess of 10 million standard cubic feet per day ("mmscfpd). DOB-1 has now been suspended as a future gas production well. The DOB-1 well is the third well to be drilled on the Rharb Centre permit based on the company's interpretation of 3D seismic survey data acquired by Gulfsands on the permit area in the second half of 2013. The first two wells to be drilled on this permit were also successful in finding gas and flowing it to surface, at wells LTU-1 and DRC-1. The DOB-1 well was drilled to a Total Depth ("TD") of 1140 metres Measured Depth ("MD") and encountered the primary reservoir target interval on prognosis at a depth of approximately 808 metres MD. Significantly elevated gas readings obtained while drilling, as well as interpretation of geological samples and wire line logs, indicated the presence of a gas bearing sandstone reservoir section of excellent quality. Detailed petrophysical evaluation of wireline logs over the primary target yielded an interpretation indicating a 4.2 metres gross sand thickness, with a net sand thickness of 3.7 metres and evaluated average gas saturation of 70% and average porosity of 34%. The DOB-1 well was cemented and perforated over the primary reservoir interval, completed and then subjected to a flow testing and pressure survey period for evaluation of well flow performance and connected gas volumes. During initial clean up flow operations over this reservoir, the well produced natural gas at an estimated rate in excess of 10 million standard cubic feet per day ("mmscfpd") on a 48/64th inch choke setting. During subsequent multi-rate flow testing, a stable flow of 6.2 mmscfpd was established for a period of 4 hours on a 32/64th inch choke setting, with a final wellhead flowing pressure of 1084 psi. No formation water was detected in the gas production stream during testing operations. The secondary reservoir target interval for the well was encountered at a depth of approximately 1075 metres MD. Significantly elevated gas readings were encountered over the interval 1075-1127 metres MD. However, after the completion of wire line logging operations, mechanical problems with well bore integrity above this interval prevented further access to or production testing of this deeper potential reservoir. The Company is currently reviewing all available data in order to determine the optimal path for further exploration of this reservoir section, which may include a re-deepening of this well at a later date post production of the shallower gas zone, potentially employing in this future operation a modified and strengthened well design. Drilling and well testing operations for DOB-1 were completed on plan and on budget. Upon completion of operations the Company plans to suspend drilling operations whilst a detailed technical assessment is conducted over the DOB-1 and DRC-1 gas discoveries that will include the identification of potential locations for further drilling in the near vicinity of these discoveries.

Gulfsands Petroleum plc, Annual General Meeting, Feb 03, 2015

Gulfsands Petroleum plc, Annual General Meeting, Feb 03, 2015., at 15:00 GMT Standard Time. Location: The offices of Buchanan.

Gulfsands Petroleum plc Provides Update on Drilling Activities in Morocco

Gulfsands Petroleum plc provided update on drilling activities in Morocco. Well perforating, completion and clean-up operations have now been concluded on the Dardara Southeast 1 well (DRC-1) located within the Rharb Centre Permit in Northern Morocco. Following an initial 3 hour well clean-up flow period, the well was fully unloaded of completion fluids to a 100% gas stream. During a subsequent 6 hour flow period the well flowed at an average gas rate of 7.1 Million standard cubic feet per day on a 32/64th' choke with a stable well head pressure of 1,230 pounds per square inch, and with no associated formation water production or sand production. The well is to be suspended as a future gas production well and the COFOR drilling rig will move to the Douar Ouled Balkhair (DOB-1) drilling location, where gas exploration well DOB-1 will be spudded later this month. Operations on the DOB-1 well are expected to take 28 days in total. Subject to finalisation of arrangements with ONHYM, the company anticipates that the DRC-1 well can be connected to existing local infrastructure so that production of gas for sale can commence in the coming months.


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