CROSCO and Gulfsands extend Syrian drilling contract

CROSCO Integrated Drilling & Well Services Co., Ltd. and Gulfsands Petroleum PLC (Gulfsands) have extended an existing drilling services contract by one well.    The new 2,500 meter well is expected to take 45 days and be completed by mid July, 2007.   The well will be drilled by CROSCO drilling rig EMSCO 602 (Emsco C-2 II).

The EMSCO 602 drilling rig recently completed well KHE 1 in Syrian Block 26 also for Gulfsands.   The KHE 1 well was spudded in mid February and was drilled to a planned total depth of approximately 3,800 meters.  Upon completion of the well EMSCO 602 will be mobilized to Egypt for a two year contract with RWE Dea Nile.