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.

that's far from the same as saying US will take action!
i also suspect US follows the same protocol as FCO - e.g. if there is a state of emergency declared (as in bahrain) then it is standard practice to warn citizens to leave, even if the reality does not really warrant it - as in bahrain

"that's far from the same as saying US will take action!"

That's exactly my point !

I am removing ALL my research from here due to the constant personal abuse, defamation and distortions of it posted by:

ptholden

hlyeo98

halifax

blackdown

kimoldfield

cynic


This bunch of abusive retards is the reason MoneyAM will NEVER have a forum worth reading.

I have reported them to support by they do nothing, either because they want to force me to PAY them for the Traders Room or because they are too lazy to do anything. Maybe the people in support are the ones perpetrating the abuse, so as to force people to pay for the premium boards. Either way the service is sh1te and a disgrace to the finance industry. No wonder there is nobody left here apart from morons.

I will continue posting my good research on boards that are run in accordance with FSA and LSE listing rules and the interests of the market, not here where ar5eh0les rule the boards and all decent research is buried under their piles of sh1te.

Syria could be the next Libya.

Chart support at 250p.

Syria Operations Update

Abu Ghazal-1 Exploration Well

London, 2nd June, 2011: Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq, Tunisia, Italy and the U.S.A., provides this update on operations in Syria.

Drilling and testing operations have recently been completed on the Abu Ghazal-1 ("AGZ-1") exploration well. Potentially significant hydrocarbon columns were encountered within the Triassic aged Butmah and Kurrachine formations. However, a series of drill-stem tests ("DST") undertaken on the well resulted in the recovery of sub-commercial quantities of heavy/viscous oil. The well has now been suspended pending detailed analyses of well results.

The AGZ-1 well commenced drilling operations on 23 January 2011, utilising the Crosco E-401 drilling rig and was drilled to a depth of 3850 metres Measured Depth ("m MD"). The well was planned to evaluate potential reservoirs within the Cretaceous aged Massive and Triassic aged Butmah and Kurrachine Dolomite formations within a large, fault bound structure identified and mapped on 3D seismic data.

The well encountered the Massive Formation at a depth of approximately 2572m MD, but in spite of elevated gas readings observed whilst drilling, the section drilled at this location was found to contain relatively poor reservoir properties and drill cuttings indicated only traces of oxidized oil and asphalt.

The Triassic Butmah Formation was encountered at 3287m MD with elevated gas readings and traces of oil in the mud system. Interpretation of wireline logs indicated a significant oil column; however no formation fluids were recovered when testing. The lack of any fluid flow from the formation is currently interpreted to be due to low permeability within the reservoir.

The well encountered the top of the Triassic Kurrachine formations at 3456m MD. Substantially elevated gas readings were encountered whilst drilling through this section and live oil was recovered in coring operations. Interpretation of wireline logs indicated a significant oil column, with subsequent testing resulting in sub-commercial volumes of very heavy to heavy oil (approximately 12 degree API) being recovered along with highly saline formation water.

The Crosco E-401 rig will now be moved to the Khurbet East No. 19 ("KHE-19") well location on the northwest flank of the Khurbet East field. This well is planned as a further step-out from the successful KHE-18 delineation in the northwest, which encountered high quality karst reservoir in the Massive formation. The KHE-19 well will evaluate an area estimated to contain oil-in-place of approximately 30 MMstb and if the well is successful there will exist an opportunity for possible (3P) Khurbet East reserves to be matured to probable and proven reserves categories at year end 2011.

Gulfsands drilling operations in Syria Block 26, using the Crosco E-401 and E-501 drilling rigs, are continuing as planned and have continued without interruption during recent months.



Ric Malcolm, Gulfsands CEO, said "Whilst we are pleased to have encountered significant oil columns within the Abu Ghazal well, the production test results have been disappointing. We will now analyse all of the data prior to determining the extent of any further operations at this location. The rig will now move on to drilling the KHE-19 well as we continue with our very busy 2011 program of drilling exploration prospects and development wells."

Bad update hit GKP to 245p.

not the best of days to issue a disappointing rns!

FT sector watcher:
"GPX continues its dismal exploration run with another unsuccessful well in Syria. The Abu Ghazal well was a 50 million barrel prospect which could have been worth in excess of 100p/share, however the well encountered only oil shows and a DST recovered sub-commercial quantities of heavy oil. Small encouragement that there were shows I suppose, and the well has been suspended rather than P&A'd, but I'd be surprised if anything positive ultimately comes out of the well.
The group will now shift the rig to the producing Khurbet East oilfield where it will drill an appraisal well on the northwest flank of the field, which could prove up an additional 30m barrels oil in place, or say 10m barrels recoverable. This could be worth c20p/share on top of our core NAV of 393p/share. Political risk aside, GPX looks a good bet at these depressed levels. "

As Syria weathered more bloodshed this week, the Bashar al-Assad regime faced more political pressure and derision from two important corners -- members of the country's fledgling opposition movement and America's top diplomat.

Hundreds of Syrian activists gathering in the Turkish city of Antalya called on al-Assad to step down and hand over power to his vice president with the goal of organizing general elections. They also declared its support for the "Revolution in Syria" and elected a 31-member council aimed at assisting the protest movement.

Secretary of State Hillary Clinton, speaking in Washington, repeated President Barack Obama's recent tough words to al-Assad in his policy -- embrace democracy or get out.

"The legitimacy that is necessary for anyone to expect change to occur under this current government is -- if not gone -- nearly run out," Clinton said.

"The international community has to continue to make its strongest possible case and call for specific action, not just an amnesty, but the release of political prisoners, an end to unjust detentions, let human rights monitors into the country."

Since mid-March, Syria's government has undertaken a fierce crackdown against demonstrations that have demanded reforms of al-Assad.

Human Rights Watch accused Syria on Wednesday of carrying out a "systematic" series of abuses against protesters in Daraa province. In a report detailing abuses toward protesters, it called on the United Nations to investigate.

Since Sunday, at least 43 people have been killed, when government forces entered Homs province to end protests against government rule, said Rami Abdel Rahman, president of the Syrian Observatory for Human Rights.

A witness in Rastan, who identified himself as a protest organizer named Abu Abdullah, said there was heavy artillery fire and that shelling had destroyed about 20 homes and several mosques.

Abdullah said the fighting has been nonstop since troops cut off the town on Sunday. He said he carried the body of a 16-year-old boy killed in the attack on the city.

"He was just walking in the street when he was shot," he said.

CNN has not been granted access into Syria and is unable to independently verify the accounts.

More unrest in Syria ... sell GPX


Syrian officials blamed a technical problem for an explosion that damaged a natural gas pipeline near Deir al-Zour, a restive region in eastern Syria near the Iraqi border.

The explosion, which occurred at 12:30 a.m. local time on Tuesday, was caused by a hole in the pipeline, an official from the Syrian Oil Company was quoted as saying by Syria News, a Web site there.

The official said that a fire resulted from the explosion in Al-Tayana village, 50 miles from Deir el-Zour, the countrys fifth-largest city and the scene of large protests against the government of President Bashar al-Assad.

The official, who was not identified, said that the fire was extinguished three hours later and that a technical team was repairing the damage.

Residents said the town was rife with rumors suggesting that the explosion was caused by the family of a protester, who is in detention. Syria News, citing accounts, said the protesters parents had asked authorities to release him or they would blow up pipelines.

If carried out by saboteurs, the attack would mark another turn in an uprising whose protests have largely remained peaceful.

Deir el-Zour witnessed some of the larger protests since the uprising against the rule of Mr. Assad started in mid-March, but the military had largely stayed out of it and Albokamal, another town in northeastern Syria, close to Iraq. Activists say the military has remained outside of Deir al-Zour, fearing its presence could ignite the anger of the regions tribes. Those extended clans carry influence in the region and enjoy close ties with tribes in Anbar, the Iraqi province across the border that witnessed some of the most pronounced violence in the insurgency in Iraq.

More bloodshed in Syria...


Mr Hague's comments came after bodies littered the streets of Hama on Sunday as the Syrian army launched major tank offensives across the country in a fresh bid to crush the uprising against President Assad.

Speaking on Radio 4's Today programme the Foreign Secretary said of military intervention: "It's not a remote possiblity. Even if we were in favour [of UN backed military action], which were are not because there's no call from the Arab League for intervention as in the case of Libya, there is no prospect of a legal, morally sanctioned military intervention.

Mr Hague added that it was a "frustrating situation" and that the "levers" at the international community's disposal were severely limited but said countries had to concentrate on other ways of influencing the Assad regime.

"We want to see stronger international pressure all round. Of course, to be effective that just can't be pressure from Western nations, that includes from Arab nations ... and it includes from Turkey who has been very active in trying to persuade President Assad to reform instead of embarking on these appalling actions," he said.

"I would also like to see a United Nations Security Council Resolution to condemn this violence, to call for the release of political prisoners, to call for legitimate greivances to be responded to," he added.

Until Assad is out of power, GPX is totally a dangerous share to hold... now 188p.

GPX remains a sell ... now 143p ... as Assad will become the next Gaddafi or even assassinated.

He's an ass by name.

EU oil embargo...

Europe is to impose an oil embargo on Syria, in effect freezing almost all business between Damascus and the EU, Syria's main trading partner.

Sanctions would come into force on Friday, diplomats and officials said. The decision will halt more than 3bn (2.6bn) a year in Syrian crude oil and petroleum products being exported to Europe.

"This is trying to hit the oil that's a critical financial lifeline to the regime," said an EU official.

While the move will barely have any impact on EU energy needs, it is likely to hurt elite business and government circles in Damascus close to the regime of the president, Bashar al-Assad, since Syria's trade relationship with Europe is almost entirely oil-based.

The EU imports only 1.5% of its crude oil from Syria. But 92% of Syrian exports to Europe are energy products. Syria exported crude oil and petroleum products worth 3.1bn to the EU last year, according to European commission figures. Royal Dutch Shell and the French company Total are the two biggest European players in the Syrian energy market.

The embargo will not stop firms doing business with Damascus, EU officials said, but will prevent them from marketing Syrian oil in Europe.

Separately, EU governments are to decide next week whether to impose an investment ban on European companies operating in Syria, particularly in the energy sector.

In Brussels, officials from the 27 member states discussed proposals banning all European investment in Syria's energy industry and freezing the supply of equipment, for example, for oil drilling.

The US has already imposed an oil embargo and investment ban on Syria as part of the mounting pressure on Assad to ease his brutal crackdown on anti-regime protests. The US move was seen as largely symbolic, while the EU embargo will have a much bigger impact.

an overdone pasting surely a certainty for this one today

International sanctions on Syria... it's looking like an island now.

funnily enough you could have easily sold this morning at only -2.5p on friday's close