Excellent NewsZahraa 1 Exploration Well
The Zahraa 1 exploration well has been drilled to a total depth of 2450 metres MD (2445 metres true vertical depth). This well was drilled as a sole risk operation by Gulfsands (Gulfsands 100% working interest).
The Zahraa 1 well encountered the top of the Shiranish Formation, the shallowest potentially productive reservoir for the Zahraa prospect, at a depth of 1802 m MD or approximately 121 metres higher than the pre-drill prognosis, and the base of the Cretaceous aged section was encountered at 2394 metres MD, or approximately 105 metres higher than the pre-drill prognosis. Due to very poor hole conditions it was not possible to obtain a suite of wire-line logs over the reservoir objective intervals in order to fully evaluate the drilled section. However, only minor oil and gas shows were observed whilst drilling through the Cretaceous aged section.
The Zahraa 1 well has therefore been suspended, and the data obtained from the well will be fully analysed prior to any further drilling on the Zahraa structure. It is estimated that the net cost to Gulfsands of drilling operations on the Zahraa 1 well will be approximately US$1.3 million after cost recovery.