Gulfsands sees 100 million barrels of Syria oil

Middle East-focused oil and gas explorer Gulfsands Petroleum Plc has estimated total recoverable oil reserves at its flagship Syria asset at 100 million barrels, Chief Executive John Dorrier said on Friday.
"We think the (Block 26) field has the potential to hold 100 million barrels in recoverable oil from all reservoirs," he told Reuters in a telephone interview.
Gulfsands, which co-owns the 11,000 square kilometre asset with fellow explorer Emerald Energy Plc, announced its first oil production from the block earlier on Friday after four years of ownership. It said the first appraisal well at the block's Khurbet East discovery had shown production rates of 1,000 barrels a day.
"That testing was just at 10 metres, whereas the reservoir is 30 metres deep. The test indications that production from the well could rise to above 2,000 barrels," Dorrier said. Khurbet East is the first discovery on the field to yield success following three failures, although Dorrier said the firm may go back to earlier drillings at a later date.