Oil and gas company with assets in Iraq, Syria and Gulf of Mexico, Gulfsands Petroleum (LON:GPX) relayed a new announcement from ADX Energy (ASX:ADX), regarding progress at the Lambouka-1 well, where drilling has successfully reached a total depth of 1,476 meters.
ADX Energy operates the Kerkouane Exploration Licence offshore Tunisia, which hosts the Lambouka prospect, and the adjacent Pantelleria exploration permit in Southern Italy.
The 16 inch hole section was successfully drilled to 1,476 meters measured depth. This section of the well was deepened from the originally planned 1,341m in order to set casing in a competent shale formation thereby ensuring the integrity of the cement job on the 13 3/8 inch casing.
Drilling activities in the week ahead will include setting and cementing the 13 3/8" casing and then drilling the 12 ¼ inch hole to the predicted base of the Birsa Sandstone formation.
The Lambouka prospect is a large 70 square kilometre area which is predicted to contain three potentially hydrocarbon bearing reservoirs, the first and shallowest reservoir being the Birsa Sandstone. The intention is to fully evaluate the three potential hydrocarbon formation objectives for the well, all of which are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet.
Back in May, ADX Energy - when it was still called AuDAX Resources - entered into a farm out agreement with Gulfsands Petroleum over the two licenses, also known as the Sicily Channel Exploration Permits. This deal concluded the formal documentation required by AuDAX for the funding of the Lambouka -1 exploration well.
Gulfsands is acquiring a 30% participating interest in the Kerkouane licence and Pantelleria permit. The company also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest.