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.

Why is GPX dropping 10p on the above news?

Tigras was expected to be at full depth and tested this week, but now looks to be 2/3 weeks late, so some of the traders in just to get the good news have bailed out but will be back in, in the next 2 weeks and the share price back up to, ready for the jump to about 145+ on the good news i hope.

Nov 06 Research report now available to read (PDF file)

http://www.gulfsands.net/i/pdf/gulfsands061106outlook.pdf

http://www.zawya.com/Story.cfm/sidKUN0077070131171527/secCountries/pagSyria/chnSyria%20News/obj224038CA-8F1A-11D4-867000D0B74A0D7C/

Oil prospects in Syria promising - minister

DAMASCUS, Jan 31 (KUNA) -- Syrian Minister of Oil Sufiyan Alaw said Wednesday the oil and gas reserves in Syria were large and there were no concerns about the oil prospects in the country.

Alaw said his ministry was making efforts to contain the slow gradual decrease of oil production through enhanced prospecting operations and development of existing oil fields.

There are 13 foreign oil companies prospecting for oil nationwide in addition to two firms that are developing the existing oil fields to enhance their output, he disclosed.

The Oil Ministry is poised to declare, before the end of the first quarter, the discovery of six on-shore gas and oil locations in a total area of 30,000 square kilometers, in addition to four off-shore locations in the Mediterranean Sea, he added.

The minister urged global oil and gas firms to offer bids for prospecting and extracting operation when the ministry declares the oil and gas locations.

The gas prospects are also promising thanks to the efforts of the Syrian Oil Corporation that led to the discovery of gas fields in Al-Kalamon area, he added.

Syria's oil output went down from 600,000 to 4,200 barrels a day. It is expected to stand at 300,000 barrels a day in 2025.

On the contrary, the gas production in the country is expected to grow from 23 million presently to 40 million cubic meters a day in the coming years.

in the meantime GPX plummets with report of a dud well ...... nothing that surpising for as i keep saying, commercial finds are about 1:4 if you are very good and lucky.

didnt think a positive outcome of tigris was factored into the price, but hey, must be wrong, seems to be quite a hard hit though...

the market does not like disappointment .... as you will see with all minnows, the world and his wife and their dog start jumping around when the mere thought of a drilling is suggested ..... if it proves to be a dud, as so often, they all pile out with a vengeance .... MMs don't want the stock anyway, so mark down the price even more heavily

What is boosting GPX today...up 14p?

they found something called oil

LONDON (AFX) - Gulfsands Petroleum PLC and Emerald Energy PLC said they have encountered hydrocarbons during early drilling at their Khurbet East exploration well in Syria.

The well is on schedule and drilling will continue to evaluate the underlying areas.

'The ultimate commerciality of the hydrocarbons encountered at Khurbet East can only be determined after further work including production testing and appraisal drilling,' said Gulfsands chief executive John Dorrier.

Gulfsands and Emerald own a 50 pct interest each in the block which contains the well, and Gulfsands is the operator.

Positive article re GPX HERE

A new article is available, click HERE

Recent CEO interview, click HERE

Saw a presentation last night, and I have to confess they look a good bet, if you ignore the political risk.

New article, click HERE

I wonder why he says there WAS $35mil cash at end of dec, ??

GPX are presenting in London soon!

Details and FREE registration can be found here;

For details and FREE registration, CLICK HERE

These are superb evenings in a lovely hotel in the heart of Mayfair!

Mix with other investors, market professionals, and the CEO's of the presenting companies for complimentary wine and canapes afterwards!

Nearest tubes are Green Park and Bond Street.

buying volume is high but the sp is down? anyone know whats going on?

this is becoming an interesting little minnow, not least because of their interests in iraq and the imminent codswallop due from baghdad

Breakout today...shame it's not Isable...