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.

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

another very bad day in prospect for this one - see news re declaration of force majeure

FoxDavies views from the trading floor – Gulfsands Petroleum

Looking very cheap .

Nice rise.

What's making this motor up ?

Bid speculation according to the DM.

i was thinking the now fairly imminent demise of assad

Unlucky this company.....nothing wrong with it...just caught up in this terrible ordeal of the Syrian people...

my very good lenanese friend was not too polite about any syrians!

Thanks Mitzy, wonder who could be making a possibel bid , very interesting!

Could be the same people who bid 300p last time.

lots of movement here, but minimal volume ..... i also see a lot of MM stock on offer at about 130

130p soon.?