Gulfsands unveils potential Tunisian oil discovery

Oil industry company Gulfsands has revealed it has made a potential oil discovery in Tunisia which could have major implications for the global market.

According to the organisation, the discovery was made at the Sidi Dhaher-1 exploration well early this morning, when workers identified a potential oil column based on formation pressure data, with oil recovered along with drilling mud and mud filtrate from the reservoir.

After measuring formation pressure, experts estimated that the column begins at a depth of around 1,156 metres within a Late Cretaceous reservoir.

In a statement, the company said the well, which has so far been drilled to a depth of 2,011 metres, will be suspended so preparations for future production testing operations can begin.

"The recovery to surface of oil from this reservoir is considered a positive result for the Sidi Dhaher prospect, as well as for further exploration within the Chorbane Permit," the statement read.

Last month, exploration and production firm Max Petroleum, announced the discovery of oil in one of its latest wells.

The finding occurred at the SAGW-1 exploration well in the Sagiz West prospect in Kazakhstan.