Gulfsands Petroleum PLC

Gulfsands Petroleum PLC is an independent oil and gas exploration, development and production group based in Houston, Texas. Gulfsands has development, exploitation and exploration projects in the USA (offshore Gulf of Mexico and onshore Gulf Coast) and the Syrian Arab Republic and has signed a memorandum of understanding relating to a large project in Iraq.

Ordinary shares of the Company trade on the Alternative Investment Market ("AIM") of the London Stock Exchange under the symbol GPX.

In the USA Gulf of Mexico, Gulfsands owns interests in 64 offshore blocks comprising approximately 216,000 gross acres which includes 39 producing oil and gas fields offshore Texas and Louisiana. Proved and probable reserves are approximately 30.3 billion cubic feet of natural gas equivalents, consisting of 14.94 billion cubic feet of natural gas and 2.56 million barrels of oil as of 30 June 2005. For the first half of 2005 net working interest production to Gulfsands from these 39 fields has been at an average daily volume of between 2,500 -- 3,000 barrels of oil equivalent per day.

In the Syrian Arab Republic, Gulfsands owns a 50% working interest in Block 26. This block located in northeast Syria covers an area of approximately 11,000 square kilometers, and surrounds areas which currently produce over 100,000 barrels of oil per day from existing fields. Gulfsands has identified 31 exploitation and exploration prospects and leads with mean resources potential exceeding 1 billion barrels of recoverable oil. The first well is anticipated to be drilled by Gulfsands during the first half of 2006.

Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Misan Gas Project located in Southern Iraq and is currently working towards the execution of a definitive contract for the project. Gulfsands has completed a feasibility study and expects to conduct further technical work and commercial discussions with the Iraq Oil Ministry. The Misan Gas Project is a midstream project that gathers gas that is currently being flared at the oil fields in Southern Iraq, brings the gas to a central processing plant to clean it of impurities and remove the light hydrocarbon liquid fraction (Natural Gas Liquids), and then transmits the natural gas for further distribution and use in Iraq. The extracted hydrocarbon liquids are then transmitted to a southern port for storage, offloading and export. Gulfsands has a 100% interest in the Misan Gas Project.

Gulfsands formed a subsidiary company, Darcy Energy LLC ("Darcy Energy"), to conduct onshore USA Gulf Coast field re-development and exploration. Darcy Energy has acquired interests in two onshore projects in which discoveries have been made on both of them. Darcy commenced first production in the summer of 2005.

you think it will gain a couple of quid a share like EEN if it happens or more?

Sold out ten days ago after being in for 3 years..got bored.........agggggghhh....

really no idea ..... i only asked about emerald out of curiosity and the obvious link

RF jumped ship again......... don't know what to say...lol

Oil and gas explorer Gulfsands Petroleum is set to turn down a preliminary takeover approach on Friday, the Financial Times reported.
Citing people familiar with the situation, the FT said the board of the Syrian-focused explorer had decided to reject the approach, understood to be from a large Indian oil group.
Analysts had also pointed to Sinochem, China's No. 4 oil company, as a possible acquirer as it co-owns block 26 in Syria with Gulfsands through its acquisition of Emerald Energy in 2009.

No one at Gulfsands, whose shares surged 20 percent to an all-time high of 312.5 pence on Thursday, could immediately be reached for comment.

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this will certainly hit sp first thing, but suspect (hope) just opening salvos

not the drop i was expecting....sold half first thing..

sp holding remarkably steady ...... can't be a bad sign

Summary of a note from Matrix Corporate Capital:
"We think that shareholders could reasonably expect a potential takeover of Gulfsands for cash at no less than 350p/share, and possibly 510% above that.
Still, with such a volatile situation, and no certainty of a takeover, there remains, in our view, about 50p downside and about 50p upside to the stock, which given the risks looks about right for now."

looks like i drop a b*****ck again, climbing again, glad i only sold half..

Oil India, Indian Oil Said to Consider Raising Gulfsands Offer
By Rakteem Katakey and Catherine Airlie

March 22 (Bloomberg) -- Oil India Ltd. and Indian Oil Corp. may raise their offer for Gulfsands Petroleum Plc after the U.K. company with assets in Syria and the Gulf of Mexico spurned an approach valuing it at about 380 million pounds ($570 million), a person familiar with the matter said.

The two state-owned Indian companies want more feedback from London-based Gulfsands and havent decided on their next step, said the person, who declined to be identified because the situation remains under discussion. Investment bank Seymour Pierce is advising the bidders, said the person.

The original approach was at 315 pence a share, said two people familiar with the matter, who declined to be identified because the figure hasnt been publicly disclosed. Gulfsands termed the offer wholly inadequate on March 19.

Gulfsandss largest shareholder, London-based Schroders Plc, would be willing to consider a higher offer, said Andy Brough, who manages Schroders funds that hold the stock.

If someones offering more than the current share price, then why not speak to them, Brough said yesterday. Schroders owns a 22 percent stake in Gulfsands.

Gulfsands rose 1.8 percent to 318 pence in London trading on March 19, taking the companys market value to 382.4 million pounds. The stock had surged 20 percent the day before, when the company said it had received an approach, without specifying who had made it.

Bobby Morse, an external spokesman for Gulfsands, yesterday declined to identify any bidder or pricing.

Fuel for Growth

The Indian government is seeking to buy energy assets abroad to make up for declining production at home and to cater to an economy that is likely to grow more than 8 percent in the fiscal year starting April 1. State-run Oil & Natural Gas Corp. bought Imperial Energy Plc for 1.4 billion pounds last year in its largest acquisition.

Gulfsands owns a 50 percent stake in a block in Syria that is producing about 11,000 barrels a day of crude oil, according to the companys Web site. It also owns interests in 44 blocks, including 30 producing blocks, off the coast of Texas and Louisiana.

Gulfsands was granted a 25-year production license in January from Syrian authorities to develop the Yousefieh oilfield. Production will start in April, with a target to produce 6,000 barrels a day from the field by 2012, the company said in a statement Jan. 26.

A report on the companys audited reserves likely to be released by the end of this month may show they have increased over the last year.

Looking Abroad

We are looking at various opportunities around the world, Oil India Chairman N.M. Borah said by phone March 20. We are in various stages of negotiations, and we hope something works out. He declined to comment on whether the countrys second-largest state-run oil explorer is bidding for Gulfsands.

Brij Mohan Bansal, chairman of Mumbai-based Indian Oil, said March 20 he would reserve comment on whether his company, the nations second-biggest refiner, is bidding.

Oil India, based in Duliajan in Assam state, has a market value of 267 billion rupees ($5.9 billion). Indian Oil is valued at about $16 billion.

The Indian government has told ONGC and Oil India to acquire at least one big asset each in the year starting April 1, Oil Secretary S. Sundareshan, the most senior civil servant in the Oil Ministry, said March 18.

Cnooc Ltd., Chinas biggest offshore oil explorer, on March 14 agreed to buy a 50 percent stake in Argentine oil producer Bridas Corp. for $3.1 billion as it seeks to add overseas reserves.

New article, click HERE

Broker note from Canaccord today:
"Gulfsands announces FY09 results, with the highlight being a material increase in the estimate of Proven plus Probable (2P) oil reserves associated with its Khurbet East field in Block 26, Syria. Reserves have been increased following much better than expected performance from the field since coming onstream in the summer of 2008, with very little evidence so far of water entering the main reservoir. As a result, independent reservoir engineers have increased their estimates for recoverable reserves from the field from 70m barrels at end-2008 to 92m barrels at end-2009. This excludes the impact of last years production of 4.6m barrels, i.e. the increase was actually even better.
Our NAV for Gulfsands of 322p/share includes 207p/share for core value, assuming a long term oil price of US$70/barrel and a 12% discount rate. We include a further 69p/share for risked development upside and a further 36p/share for risked exploration upside. At a long-term oil price of US$85/barrel, we reach a core NAV of 252p/share and a total NAV of 367p/share. Assuming a 10% discount rate and at US$85/barrel, we reach a core NAV of 280p/share and a total NAV of 410p/share. "

New article, click HERE

Reuters - "According to DNA, Oil India and Indian Oil are likely to put in a fresh bid for GPX. We will have to do something now, said a senior official with one of the two Indian firms. We are definitely going to do something, but it is too early to disclose what it will be, he added, when asked if a new proposal was in the works. Industry sources expect the Indian firms to make one more try, though they may not match the managements expectation of 400p a share. Due to the size of the deal, both companies will have to seek the Indian governments approval before making a binding offer. The process itself is drawn out, as the proposal has to be approved at various levels, such as the ministry, committee of secretaries and finally the Cabinet, before it is cleared."

if bid is to be <400, then at 320 GPX is arguably pitched about right for now

http://iball.iii.co.uk
cyril

load of rubbish.....

Bb
i clicked on it too. stayed about 30 seconds, so not really able to pass comment, cept to say they had a tesco article on there,didnt read it. i am long, hope it wasnt bullish.LOL.
regards
jkd

REUTERS -"State-run Oil India and Indian Oil Corp (IOC) will not place a formal joint bid to acquire Syria-focused British oil explorer Gulfsands Petroleum by 11th May deadline, a source close to the development told reporters on Tuesday.
The two companies may revisit their plan to acquire the firm after six months, the source said.
Last Thursday, Britain's takeover watchdog had issued the two Indian firms with a deadline of 11th May to make a formal bid for Gulfsands or walk away for a minimum of six months."

Bidders have walked out on Gulfsands Petroleum.