News

January 26, 2010

Gulfsands Petroleum Gives Operations Updates On Its Development of The Khurbet East And The Yousefieh Fields In Syria As well Its New Exploration Project

Petroleum had issued a “solid” operations update. The word “Solid” can often be code for a bulletin Broker Ambrian Partners said last week that London AIM listed Gulfsands which is uninspiring and perhaps a little boring. Gulfsands success story in Syria, where it has not only discovered substantial amounts of oil but also brought it to production and to market quickly has been well documented; so any news here has lost, to a degree, its ability to surprise. But the company has now issued a further update, this time on its second discovery on Block 26, the Yousefieh field. This has spiced up the group’s news flow with some fresh information.

The first update does take us further if only in that there is a new player involved and there are some new operations in terms of exploration.  The company first found oil with its then 50/50 partner fellow London listed Emerald Energy as operator of Block 26 in North East Syria in 2007. The Khurbet East field was discovered in June of that year and commercial production was started within 13 months of the find.

At the end of 2009 this field was producing at an average gross production...