Gulfsands Petroleum to go ahead with Sicily Channel drilling after Lambouka-1 intersects reservoir target

Oil and gas company with assets in Iraq, Syria and Gulf of Mexico, Gulfsands Petroleum (LON:GPX) has advised that preliminary evaluation of the MWD (measured while drilling) petrophysical logs from the Lambouka-1 exploration well offshore Tunisia suggested that the first reservoir target for the well, the Tertiary aged Birsa Sand, has been encountered and was water bearing.

The well was drilled at the Kerkouane exploration licence offshore Tunisia and the adjacent  Pantelleria Exploration Permit in Southern Italy, known as the Sicily Channel Exploration Permits, operated by ADX Energy (ASX:ADX).

The initial interpretation of the sands encountered to date showed that they were water bearing. Gulfsands said that while the results were obviously disappointing, the presence of a seal and reservoir sand within this interval was a favorable result for the remaining prospects and leads in the block.

ADX will now drill to the primary target Cretaceous aged Abiod Formation.

Gulfsands is acquiring a 30% participating interest in the Kerkouane Licence and Pantelleria Permit. Gulfsands also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest.

http://www.proactiveinvestors.co.uk/companies/news/20060/gulfsands-petroleum-to-go-ahead-with-sicily-channel-drilling-after-lambouka-1-intersects-reservoir-target-20060.html