Gulfsands Petroleum today confirmed that the Sidi Dhaher discovery contains an estimated 51 million barrels of oil.
Last month Gulfsands announced that the Sidi Dhaher-1 exploration well in Tunisia had encountered a column of oil. Prior to drilling Sidi Dhaher the target was estimated to have a prospective resource of 44 million barrels of oil.
Now after a review of the existing seismic and geologic data Gulfsands said that Sidi Dhaher has a mean original oil in place (OOIP) estimate of 51 million barrels.
Overall the estimates are 13 million barrels (P90), 37 million barrels (P50) and 110 million barrels (P10).
Gulfsands said that the assessment of recoverable volumes and resulting potential reserves are contingent on the completion of ongoing fluid studies and a flow test.
Its partner ADX Energy, which is currently the operator of Sidi Dhaher, is now in the process of selecting a rig to carry out a well test.
The Sidi Dhaher-1 well is hosted on the Chorbane Exploration Permit, in central Tunisia. There are several producing oil fields nearby. There is extensive oil and gas infrastructure in the area.
Gulfsands is currently earning a 40 per cent stake in the Chorbane permit by covering 80 per cent of the well costs for the Sidi Dhaher-1 well. This arrangement is capped at US$5 million. After that the costs will covered on a pro rata basis.
The company is entitled to become the operator of the Chorbane permit in the event of a commercial success with the Sidi Dhaher-1 well.