Last $0.36 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 8:10 PM 12/23/14 All times are local (Market data is delayed by at least 15 minutes).

gulfsands petroleum plc (GFPOF) Snapshot

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05/23/14 - $1.15
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gulfsands petroleum plc (GFPOF) 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 (GFPOF) 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
Commercial Director and Executive Director
Total Annual Compensation: $824.0K
Compensation as of Fiscal Year 2013.

gulfsands petroleum plc (GFPOF) Key Developments

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.

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 Dardara Southeast 1 well (DRC-1), located within the Rharb Centre Permit in Northern Morocco have now been concluded. Drilling operations were completed approximately two days ahead of plan. The DRC-1 well was drilled to a total depth (TD) of 1,153 metres measured depth (MD) and encountered the primary reservoir target interval on prognosis at a depth of 875 metres MD. Significantly elevated gas readings obtained while drilling, as well as interpretation of geological samples and wireline logs, indicate the presence of a gas bearing sandstone reservoir section of excellent quality. Detailed petrophysical evaluation of DRC-1 wireline logs yield an initial interpretation indicating a 53 metres gross thickness of excellent quality reservoir sand between 875-928 metres MD, with a net gas bearing sand thickness of 16 metres, evaluated average gas saturation of 68% and average porosity of 34%. A gas-water contact has been observed in the well at approximately 895 metres MD as evidenced by wireline log and formation pressure data. Forward Rharb drilling operations: in addition to encountering a potentially highly productive net gas bearing interval of 16 metres, the DRC-1 well result indicates substantial additional gas exploration potential to exist in an adjacent and up dip fault block and this will be targeted in drilling during 2015. Due to the presence of over-pressured shales in the lower section of the well-bore, and in order to ensure that the well-bore integrity was maintained for wire-line logging operations, the well was not deepened further to the original planned TD of 1,280 metres MD. The DRC-1 well will now be cased and cemented, and then perforated, completed and, subject to a clean-up flow period, suspended as a future gas production well. Operations on the DRC-1 well are expected to be completed within 10 days. A further operational update on this well will be provided in due course. The DRC-1 well is the second well to be drilled based on the interpretation of 3D seismic survey data shot by Gulfsands on the Rharb Centre Permit in 2013. The first well to be drilled based on these data, earlier this year, resulted in the discovery of gas in well LTU-1. Upon completion of drilling operations at DRC-1, the Company plans to move the rig to the Douar Ouled Balkhair drilling location (DOB-1). The Douar Ouled Balkhair gas prospect is mapped on Gulfsands' 3D seismic survey as a fault and dip closed structural trap, and is characterized by bright seismic amplitudes and low seismic acoustic impedance signals in the same manner as was displayed by mapping on seismic of the gas reservoirs encountered in Gulfsands previous two successful gas exploration wells LTU-1 and DRC-1. The primary target sand interval lies between 808 metres MD and 870 metres MD and a secondary target interval is recognized between 973 metres MD and 1,052 metres MD. The planned total depth of the DOB-1 well is 1,130 meters MD.

Gulfsands Petroleum plc Provides Update on Drilling Activities in Morocco

Gulfsands Petroleum plc provided the update on drilling activities in Morocco and the completion of the sale of the Group's interests in the Gulf of Mexico, USA. Morocco: Rharb Drilling Programme: Drilling operations on the Dardara Southeast 1 well (DRC-1), located within the Rharb Centre Permit in Northern Morocco, have now commenced using the COFOR SAS Cabot 750 rig. The DRC-1 well is the second well to be drilled based on the interpretation of 3D seismic survey data shot by Gulfsands on the Rharb Centre Permit in 2013. The DRC-1 well is designed to be drilled to a total vertical depth of approximately 1,280 metres and will evaluate two distinct predicted Miocene aged reservoirs contained within a fault bound structural closure, and that have been identified from 3D seismic data as having the potential to be gas bearing. The well is located approximately 2 km southeast of the DAR-1 well, where good quality reservoir sands were encountered at the primary target level which however were water bearing. The DRC-1 well location is structurally updip from the DAR-1 location, and coincides with the appearance of strong seismic amplitude anomaly reflectors that may indicate the presence of an updip gas accumulation. The Company expects that drilling operations at DRC-1 will be completed within 28 days. Upon completion of drilling operations at DRC-1, the Company has two further drilling locations in a ready state with drilling pads prepared, and information concerning the choice of the next drilling location will be provided shortly.


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