ADX is the operator of the Kerkouane Exploration Licence offshore Tunisia (Kerkouane Licence) and the adjacent Pantelleria Exploration Permit in Southern Italy (Pantelleria Permit),
Rig operations were drilling ahead at a measured depth of 2511m.
Since the last operations report by the operator earlier this week, the Abiod Formation limestones which are the primary target for the Lambouka well, have been encountered.
The Abiod intersection was associated with some losses of circulation fluids, an increase in background gas shows and an high resistivity on the Measurement While Drilling (MWD) electric logs.
The operator’s current evaluation data is preliminary only and does not without additional information provide a reliable basis on which to interpret either reservoir quality or content.
Consequently, whether moveable hydrocarbon saturations are present cannot be determined until a more comprehensive suite of evaluation logs are acquired.
It is intended that these wire line electric logs will be run according to the approved well plan when the total depth for the well is reached.
The operator will continue to report drilling results from the Lambouka-1 well as they occur.
Gulfsands is acquiring a 30% participating interest in the Kerkouane Licence and Pantelleria Permit.
Gulfsands 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.
