Wall Street Journal
By Alex MacDonald
Shares in U.K.-listed Gulfsands Petroleum PLC (GPX.LN) rose after the oil and gas explorer said Tuesday that it encountered gas at a second well at its Rharb Centre permit in Morocco.
Gulfsands, which operates in Syria, Morocco, Tunisia and Colombia, said it encountered a gas-bearing reservoir at its DRC-1 well after drilling to a depth of 1,153 meters. The initial interpretation from the well indicates 53 meters gross thickness of high quality reservoir sand with a net gas bearing sand thickness of 16 meters and average gas saturation of 68%.
The drilling at the well was completed two days ahead of schedule and the rig will now be moved to the next location, DOB-1.
At 0847 GMT, Gulfsands’ shares were up 6.9% at 27 pence a share.
-Write to Alex MacDonald at alex.macdonald@wsj.com
