Gulfsands Petroleum Plc – an independent oil and gas exploration and production company, whose shares are traded on the London Stock Exchange – has met considerable success in one of their reservoirs at the Rharb Centre project, onshore Morocco.
The Group, whose major focus is on the Middle East and North Africa with projects in Tunisia and Morocco, said Tuesday that exploration results there were better than expected.
The second well the company drilled in the area, 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 at a depth of 875 metres MD. The results showed significantly elevated gas readings and the presence of a gas bearing sandstone reservoir section of excellent quality.
In addition to encountering a potentially highly productive net gas bearing interval of 16 metres, the DRC-1 well result indicated substantial additional gas exploration potential to exist in an adjacent and up dip fault block. The company is planning to drill the latter deposit later in 2015.
Mahdi Sajjad, the Company’s CEO commented: “We are delighted with the results of the drilling operations and petrophysical evaluation of the DRC-1 well which point to it being the best exploration success that the Company has achieved in Morocco to date. We look forward to completing the well and observing the production performance during well clean-up operations. The results have given us a firmer understanding of the local geology and the indication of further gas exploration potential to exist up dip in the Dardara South East structure is particularly pleasing.”
Morocco is believed to hold approximately 20 trillion cubic feet of recoverable shale oil and natural gas reserves.
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