Just bought into this share, I think its cheap at the current price. I think in time this could be another BUR.

Anyone else holding this and what are other peoples opinions on it?

Thanks

From Gulfsands Petroleum RNS the operater in Block 26 Syria.

Emerald holds a 50% interest in Block 26


KHE-3 appraisal well testing averages 3,420 bopd

Report on commercial development of Khurbet East expected mid January

Khurbet East Reserves and Resources Report due before end January

3D seismic programme completed over Khurbet East Field


London, 7th January, 2008: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in the U.S.A.,
Syria and Iraq is pleased to announce that the Company has
successfully completed the drilling, logging and testing of the
Khurbet East-3 (KHE-3) well, the second appraisal well on the Khurbet
East discovery within Block 26, Syria. The well flowed 26 degree API
oil on drill-stem test at an average, stabilised production rate of
3,420 barrels per day (bopd).


KHE-3 Well

Gulfsands, the operator and 50% working interest owner in Block 26
has now completed operations on the KHE-3 well. The objectives of
this second appraisal well were to acquire reservoir and structural
information on the primary objective Massive Formation southeast of
the KHE-1 discovery well, and to undertake a production test of the
entire main reservoir section.

The top of the Massive Formation reservoir was encountered within 3
metres of the pre-drill prognosis and at a similar depth to the KHE-1
discovery well and the KHE-2 appraisal well. Third party
interpretation of the wireline logs obtained from the KHE-3 well
indicates a similar reservoir interval in the Massive Formation as
seen in the KHE-1 and KHE-2 wells with reservoir properties similar
to or slightly better than those encountered in the KHE-1 and KHE-2
wells. A definitive oil-water contact has still not been identified
within the main reservoir interval.

After completion of logging operations, the Company carried out a
drill-stem test over the entire Upper Massive reservoir interval. The
oil production rate continued to improve during the course of the
test reaching a maximum daily production rate of 3,560 bopd near the
end of the main flow test period. The average, stabilised production
rate was 3,420 bopd with 206,000 cubic feet of natural gas per day
through a inch choke. Preliminary analysis indicates that the oil
gravity is 26 degree API, which is consistent with the oil
encountered in KHE-1 and KHE-2.

The information obtained from the KHE-3 well has been provided to
independent engineering consultants, RPS Group plc, for assessment
and inclusion in a report on commercial development of the Khurbet
East Field. The Company expects to submit this report to the Syrian
Petroleum Company and the Syrian Government for approval in mid
January 2008. RPS Group plc has also been requested to provide a
report on the reserves and resource estimate for the Khurbet East
Field and this is anticipated to be delivered during the second half
of January 2008.


3D Seismic

The Company has also completed the 3D seismic acquisition programme
over the Khurbet East Field. The Company is now proceeding with
seismic processing and the interpretation of these data will be used
to assist in the selection of additional development well locations
in the Khurbet East Field during 2008 and 2009 as well as any
"near-field' exploration locations immediately adjacent to the Field.

The Company has also completed approximately 60% of the acquisition
of a 240 square kilometre "exploration" 3D seismic programme located
to the south of Khurbet East. These data are expected to assist in
maturing exploration leads within the Khurbet East "play fairway"
into "drill ready" prospects. This seismic programme is expected to
be completed by the end of January 2008 with seismic processing and
interpretation to follow.

Forward Programme

Following receipt of Syrian Government's and the Syrian Petroleum
Company's ("SPC") approval of the submitted report on the prospects
for commercial development of the Khurbet East Field and the
Company's plans for the installation of an early production system,
Gulfsands and its joint venture partner intend to proceed as soon as
practicable with development of Khurbet East Field. Subject to the
early receipt of the Syrian Government's and SPC's approval to the
Company's development plans and completion of logistical and
commercial arrangements, the partners will be targeting to achieve
first oil production in the fourth quarter of 2008.


The joint venture also intends to drill at least one exploration well
during 2008 following the completion of interpretation of the 3D
seismic data currently being acquired and processed.


Gulfsands' CEO, John Dorrier, said:

"The excellent production test from the Massive Formation at KHE-3
demonstrates the high oil flow rates attainable from wells in the
Khurbet East Field. The Company is now focused on working with its
partners to achieve first oil production as early as practicable in
2008. The Khurbet East 3D seismic surveys also cover a series of
additional promising subsurface features, several of which the
Company expects to drill during the current exploration period of the
Contract."

This release has been approved by Jason Oden, Gulfsands Exploration
Manager, who has a Bachelor of Science degree in Geophysics with 23
years of experience in petroleum exploration and management and is
registered as a Professional Geophysicist. Mr. Oden has consented to
the inclusion of the technical information in this release in the
form and context in which it appears.

Threw in my last few pennies and topped up, come end of january once reserves are confirmed i see this hitting 3+.
cyril