Gulfsands Petroleum starts drilling in Morocco

28th Oct 2013 08:40

Gulfsands Petroleum has started its drilling programme in Morocco and said it looked forward to seeing the results from the first well later next month. The AIM-listed oil and gas company has begun drilling the Al Krima 1 well within the Rharb Centre Permit in Northern Morocco with the aim of evaluating two Miocene aged reservoirs that have been identified from seismic data as possibly being gas bearing. The well is the first of nine wells that it will drill on these Rharb permits in two drilling programmes. It expects the drilling operations to be completed within 28 days.Gulfsands said the 3D seismic survey over the south-western part of the Rharb permit was nearly finished while another seismic survey on the prospective Fes permit was expected to be completed, weather permitting, early in 2014. The company said it expected to drill at least one well on the Fes permit area in 2014 using the date from this survey. Shares in the company were unchanged at 60.5p at 09:03 on Monday.TB