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.

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.?

Touiched 135p for the first time since March.

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keep watching GPX, for sp has been consistently ticking north of late with heavier than usual volume

Agreed. Looks like they're finally pricing in the end of atrocities in Syria. There was talk a while back of a Russian buyer who'd been stakebuilding ahead of a possible bid, but don't know if he's behind the recent rise. 80p was good support which is where I bought in. will add more on the way up.

here's an old stinker for you that is showing signs of life

i wonder who this lot are who now own about 27.5% ...... Waterford Finance & Investment Limited

.

if any of you hold shares in these and voted in the EGM a few days ago, you will need to SEND IN YOUR VOTES AGAIN FOR THE MEETING IN FEBRUARY - YOUR VOTES WILL NOT BE "CARRIED FORWARD".

Noticed that votes must be in TODAY on TDW website!!!!
So if you have not re-voted get them in ASAP today please.

StockMarketWire.com
Gulfsands Petroleum posts pre-tax losses of $12.1m for the year to the end of December - down from $25.4m last time.

Gulfsands said it made significant progress to further reduce its operating cost base with general administrative expenses falling to $5.5m in the year (2013: $9.4m). It said $1.7m of this represented a reduction in office expenses after partner recoveries.

In addition to this: a reduction in depreciation; and the progression in the group's business model toward operatorship of its assets as well as increased operational activity, particularly in Morocco, resulting in increased amounts capitalised, further reduced general administrative expenses by $2.3m in the year.

At year end the group had total cash resources of $19.4m of which $11.5m was restricted; held as security for anticipated work programmes.

The group says that it currently has unaudited cash and cash equivalents of $3.0m.

Executive chairman Alastair Beardsall said: "During 2014 the group made good progress in Morocco completing the acquisition and processing of 2D and 3D seismic on Fes and Rharb Centre respectively; we believe the new 3D seismic was instrumental in producing the drilling success that has followed on the Rharb Centre area; three gas discoveries have been made at LTU-1, DRC-1 and DOB-1.

"Discussions are under way with Office National des Hydrocarbures et des Mines (Morocco) and other local operators to start connecting these wells to local gas sales pipelines to enable the group to enter into a gas sales contract to monetise the gas."