The DRC-1 is the second well to be drilled based on the 3D seismic survey data interpretation on the Rharb Centre Permit, shot by Gulfsands in 2013.
The well will be drilled using COFOR SAS Cabot 750 rig to a total vertical depth of approximately 1280m and will assess two distinct predicted Miocene aged reservoirs contained within a fault bound structural closure.
Located approximately 2 km southeast of the DAR-1 well where good quality reservoir sands were encountered at the primary target level, the DRC-1 well location is structurally updip from the DAR-1 location, and coincides with the appearance of strong seismic amplitude anomaly reflectors with potential of an updip gas accumulation.
Separately, the company also completed the sale of its entire stake in its wholly owned subsidiary Gulfsands Petroleum USA, including its own subsidiary Darcy Energy, to Hillcrest Resources.
Gulfsands Petroleum CEO Mahdi Sajjad said: "We are very pleased that the Company has re-commenced drilling operations in Morocco and look forward to seeing the results of this next well.
"The high quality 3D seismic data we acquired in the Rharb Centre Permit area has greatly enhanced our chances of success with regards to future exploration activity on the permit, as highlighted by the successful LTU-1 gas discovery which should commence production shortly."
