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.

Buy Gulfsands Petroleum at 129p
Suggests Stewart Dalby of Oilbarrel.com

London's Alternative Investment Market has attracted another new recruit to its growing ranks of oil and gas stocks with news that Houston-based Gulfsands Petroleum hopes has raised 29.8 million at the placing price if 130p a share.

''AIM was almost the automatic choice," said a spokesman for the company, which was founded in 1997 by former BHP Petroleum executive John Dorrier, now chief executive and chairman of the AIM newcomer. "The record of AIM over the last 18 months for oil and gas companies has shown there's plenty of money out there for the right stocks. The London market also has an understanding of, and appetite for overseas exploration which isn't the case in the US, and given that most of the potential upside will be outside of the US, it seemed sensible to come to AIM."
That potential upside lies in Syria and, following the January 2005 signing of a Memorandum of Understanding with the oil ministry in Baghdad, in Iraq. The company has ambitious plans for Iraq, where its Misan Gas Project envisages the gathering, processing and transportation of the natural gas that is currently flared off when oil is produced in the south of the troubled country. Gulfsands has completed a feasibility study - ABB Lummus Global was the primary subcontractor for the work, which was completed in August 2004 - that envisages a two phase construction project: the first will take three years, the second a further two years. The project will involve the engineering, design, procurement, construction and operation of an associated natural gas gathering system, a Natural Gas Liquids (NGL) plant, and transmission pipelines.

"It will take significant investment to bring this to fruition," said the spokesman. "The crucial thing will be how they finance it, whether they bring in partners or go for debt or equity financing."

Once completed, the Misan Gas Project should produce some 46,600 barrels of NGL per day and 338 million cubic feet of dry sweet natural gas per day. Given the political and security concerns of working in Iraq however, no timeframes or price tags have been set for a project that many investors will rightly view as highly speculative in the current environment.

The production base comes from the company's 52.6 per cent stake in Northstar Gulfsands, which owns interests in 39 producing oil and gas fields offshore Texas and Louisiana. Those assets add up to a net production stream equivalent to 6,577 barrels of oil per day and a proved and probable reserves of 4.7 million barrels of oil and 29 billion cubic feet of gas in the US Gulf of Mexico.

That production stream should be boosted over the coming months as work begins to restart production from the Emily Hawes field on Matagorda Island in Texas. Gulfsands has an interest in Emily Hawes through its 70 per cent holding in Darcy Energy, which in turn holds 25 per cent of the gas deposit, which was shut in nearly 15 years ago due to the poor completion technologies employed at the time. The current plan involves the sidetracking of the original wells, re-drilling the proven productive intervals and completing the new wells with state of the art sand control technology. A pipeline is in place to allow for immediate sales into the pipeline grid, which is expected to get underway in the first half of this year.

Gulfsands is also active elsewhere in the Middle East, where it has a 20 per cent stake in Block 26 in Syria through a joint venture with fellow US company Devon Energy. The block covers 11,000 sq km and lies in a known producing area. The joint venture partners plan to shoot 2D seismic over the first half of 2005 with the first well slated for the fourth quarter. Gulfsands has identified 27 prospects on the acreage which could add up to a reserve base of 1.1 billion barrels of recoverable oil.

The management team behind the company has a track record in the business: Dorrier is a former senior international exploration executive for BHP Petroleum, while chief financial officer David DeCort is the former CFO of US independent Seven Seas Petroleum. Mahdi Sajjad, who will head up international business development, is the former managing director of International Development Corporation in Dubai.

It adds up to quite a substantial package. Whatever the value attributed to MoU signings in Baghdad - and most investors are likely to be wary of a small company punching above its weight in such a troubled area when the heavyweights are still steering well clear - Gulfsands' position in Syria and its exposure to the booming North American market will make it one of the more robust newcomers to the London market.

January 31, 2006
Gulfsands Announces New Offshore Discovery in the Gulf of Mexico

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Update on Gulfsands Production in the Gulf of Mexico

Gulfsands Petroleum PLC (symbol GPX), the AIM listed oil and gas exploration, development and production company with activities in the USA, Syria and Iraq, is pleased to announce a new discovery in the Gulf of Mexico.

Gulf of Mexico Exploration Discovery at Eugene Island 58

Gulfsands has participated at a 25% working interest in another exploration discovery within Eugene Island 58 (EI58). Following the exploration success at EI58 announced on 14 December 2005, this new EI58 exploration well has been drilled to a total measured depth of 13,914 feet (13,380 feet true vertical depth). Electric logs acquired during drilling operations indicate the presence of hydrocarbons within multiple zones, with approximately 188 feet of potential net pay. Production casing has been set and completion operations have commenced. A test of the lowermost productive interval in the well produced natural gas at a rate of 4.5 million cubic feet per day and 24 barrels of condensate per day. First production from this well is scheduled to commence in April 2006. The net cost to Gulfsands for the drilling, completion and facility costs to hook up this well is estimated to be approximately $2.4 million.

Gulfsands will also participate with a 25% working interest in two further exploration wells in the immediate area during 2006.

Here's an article just out on GPX.Registration is free.Makes good reading.

http://www.proactiveinvestors.com/registered/articles/article.asp?GPX2

Gulfsands Petroleum Plc: Interesting mix of plays in Gulf of Mexico, Middle East

Gulfsands Petroleum PLC is the holding company of an oil and gas exploration, development and production group based in Houston, Texas with activities focused in the USA, Syria and Iraq.

Gulfsands listed on AIM on the 8th of April 2005 raising 29.8m, and has since been positioning itself for an active drilling programme. Upon listing GPX had a 52.6% interest in Northstar Gulfsands, which owns interests in 39 producing oil and gas fields offshore Texas and Louisiana and operates 8 of those fields. Northstar Gulfsands has proved and probable reserves of 4.7 mmbbls of oil and some 29.2 bcf of gas as of November 1, 2004. Gulfands furthermore has 20% interest in the Syrian Block 26 with significant exploration potential, an Iraqi gas commercialisation agreement and some small gas interests onshore USA

This is still a bargain and worth buying.

Oh dear...very bad news...

Gulfsands says no moveable oil at Souedieh North Well in Syria - AFX

LONDON (AFX) - Gulfsands Petroleum PLC said it has completed drilling and suspended the Souedieh North well in Block 26, Syria, after being unable to recover moveable oil.

The AIM-listed oil and gas exploration and development company said preliminary analysis shows that the oil is low API gravity/high viscosity in the Tertiary reservoirs, and that the lower porosity and permeability Cretaceous reservoirs at this location may produce oil after mechanical or chemical stimulation.

Gulfsands is the operator and 50 pct working interest owner in the block.

newsdesk@afxnews.com

600K "X" trade gone through, might have cleared a sellers stock.

Could be interesting with drilling going on at the moment.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1159843589&feed=oilbarrel_en


03.10.2006

Gulfsands Petroleum Back On Track In The US Gulf But Syria Is The Real Buzz In The Portfolio

Although all its production and revenue comes from the US, investors in Gulfsands Petroleum are currently watching not the waters of the Gulf of Mexico but the desert sands of Syria.

The AIM-quoted companys US production stream, back up to 2,800 barrels of oil equivalent per day following the hurricane disruption of 2005, is very nice to have, generating net income of US$874,000 on revenues of just over US$12 million for the first six months of the year. But Syria is home to the real excitement in the Gulfsands portfolio.

The company is currently drilling ahead with the high impact Tigris-1 exploration well, its second well on Block 26. This 11,000 sq km tranche of acreage, equivalent in size to 50 North Sea blocks, lies in a proven oil and gas province: the block is home to fields that are producing over 120,000 barrels of oil per day for the state oil firm, the Syrian Petroleum Co. There are numerous significant hydrocarbon accumulations here, mainly within the shallower Cretaceous reservoirs, totalling some 3 billion barrels of recoverable oil. Gulfsands production sharing contract gives it - and 50/50 partner Emerald Energy - the rights to the deep (Palaeozoic) reservoirs under existing fields and rights to all reservoirs outside the existing fields.

The partners first well on the block, Souedieh North-1, drilled in the second quarter, was something of a disappointment, failing to recover moveable hydrocarbons during wireline testing. The well has been suspended for further analysis to determine whether to stimulate the well through chemical or mechanical stimulation or to deepen it (or abandon it).

This has no bearing on the prospectivity of the Tigris structure, which has the potential to hold more than 4 trillion cubic feet of gas. The well will go down to 4,500 metres to target the Carboniferous and Devonian-aged reservoirs that lie directly under the Souedieh field, the largest known oilfield in Syria.

This is not the first well to target these deep reservoirs. In 1994 SPC drilled the S1100 well, about 1 km to the northeast of Gulfsands wellsite. Although the state oil company struggled with the deep well, wireline logs indicated the presence of a substantial hydrocarbon column. This, however, needs to be proven by the drillbit: investors have another month or so until the well hits target depth.

This isnt high risk wildcatting - the well is surrounded by producing fields - but as the results from Souedieh North-1 show, nothing is certain until the drillbit goes down. Gulfsands does have plenty of opportunity to hit pay dirt, however: it has identified 31 prospects within the block, with mean resources potential of more than 1 billion barrels of recoverable oil. It is these kinds of numbers that mean the companys production streams from the US, although very welcome, are something of a sideshow for investors.

Up today :)

Getting near the 100p level now, lets hope we can break through, and can then break upwards.

Breaking through 100p :)

Gulfsands Petroleum PLC
19 October 2006

Drilling Update - Tigris-1 well, Syria

Appointment of Director of Corporate Development

Expansion of London presence

London, 19th October, 2006: Gulfsands Petroleum plc (AIM: GPX), the oil and gas
production, exploration and development company with activities in the USA,
Syria and Iraq, is pleased to provide an update on drilling activity in Syria
and announce the appointment of Kenneth Judge to the Board of Directors as
Director of Corporate Development in parallel with the establishment of the
Company's new London office.

Tigris -1 Well

The Tigris-1 well in Block 26, Syria is drilling at a depth of 2,280 metres and
is estimated to take 90 to 120 days to drill and evaluate. Drilling of Tigris-1 commenced on 10 September 2006. The well is targeting a total depth of
approximately 4,500 metres. The Company owns the deep rights in Tigris to oil
and gas contained in Paleozoic reservoirs, which will not be penetrated until
near the end of drilling this well.

Gulfsands has commenced the acquisition of an additional 266 kilometres of 2D
seismic in Block 26 for the purpose of finalizing the drilling program for the
first half of 2007.

Director of Corporate Development

With immediate effect, Kenneth Peter Judge OAM has been appointed as Director of Corporate Development. Mr. Judge's role will primarily include corporate
strategy and liaison with the Company's institutional shareholder base.

Mr. Judge, is well known to the London investment community as a corporate
lawyer with extensive business management and corporate development experience
having held numerous public company directorships and more recently having been
engaged in the establishment or corporate development of oil and gas, mining and technology companies in the United Kingdom, Middle East, USA, Australia, Europe, Canada, Latin America and South East Asia. Mr. Judge has undergraduate and post-graduate degrees in Commerce, Jurisprudence and Laws from the University of Western Australia and was awarded an Order of Australia Medal in 1994.

Expansion of London Presence

In response to an anticipated increase in the Company's activity in the Middle
East, Gulfsands is establishing a London office at 33 Cavendish Square, London
W1G 0PW. This office will serve as the Company's corporate and technical
headquarters in support of activity in the City of London and operations in the
Middle East.

Gulfsands' CEO, John Dorrier, said:

'We are pleased to welcome Ken Judge to the Board. Ken has a wide range of
relevant corporate development experience and will assist with shaping and
executing the Company's strategies and liaison with our largely Europe based,
institutional shareholders. The opening of our new London office should also
facilitate the Company's presence in the City and provide a home for an
expansion of our technical resources to support our operations in Syria and
Iraq.'

Ticking up :)

Closed above 100p :-)

http://www.investegate.co.uk/Article.aspx?id=200612070700313996N

Gulfsands Petroleum PLC
07 December 2006
Drilling Update - Tigris-1 well, Syria

London, 7th December, 2006: Gulfsands Petroleum plc (AIM: GPX), the oil and gas
production, exploration and development company with activities in the USA,
Syria and Iraq is pleased to provide an update on the drilling of the Tigris-1
well in Block 26, Syria.

The Company has set 9 5/8 inch casing at a depth of 3,435 metres on the Tigris-1
well in Block 26, Syria. At this depth, the wellbore has entered into the
Palaeozoic aged geologic section to which the Company owns contractual rights in
the Tigris structure. The well is currently drilling at a depth of 3,546 metres,
and it is anticipated to take a further 45 days to complete drilling and
wireline logging operations on this well.

The Tigris-1 well is projected to reach a total depth of approximately 4,500
metres and the surface location is located within the areal limits of the
Souedieh Field, where production of oil and gas from Cretaceous and Triassic
reservoirs is operated by the Syria Petroleum Company. The Tigris-1 well
objectives are the deeper Palaeozoic age reservoirs, for which the Company holds
contractual rights, underlying the Souedieh Field. Gulfsands is the operator
and has a 50% working interest in Block 26.

The Tigris-1 well is the second well to target the Palaeozoic aged reservoirs
within the overall Tigris structure. The S1100 well, drilled in 1994 by the
Syrian Petroleum Company and located approximately 1 kilometre northeast of the
Tigris-1 well, was the first well to intersect these reservoirs within this
structure. Independent interpretation of the wireline logs from the S1100 well
indicates a substantial hydrocarbon column. The main objective of the Tigirs-1
well is to confirm the presence of this hydrocarbon column.

The Tigris structure has been estimated by Ryder Scott Company, L.P. to have
probable reserves of 442 BCF of natural gas, and when combined with possible
reserves and prospective resource a total potential resource of some 4.3 TCF of
natural gas, or 562 million barrels of oil. The Ryder Scott reserve reports can
be viewed on Gulfsands' website at www.gulfsands.net.

Gulfsands has also completed its recent seismic acquisition programme,
consisting of 266 kilometres of 2D seismic data. This data will be used to
assist the definition of potential drilling locations. Processing is currently
underway and delivery of the final interpretations is anticipated to commence
prior to year end.

Gulfsands' CEO, John Dorrier, said:
'We are pleased to have reached this landmark depth in Tigris-1. We can now
begin drilling the geologic section which the Company owns contractual rights
to, and evaluate the reservoir concepts this well is designed to test.'

http://www.oilbarrel.com:80/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1166061608&feed=oilbarrel_en


14.12.2006

Gulfsands Going For An Exploration Step Up With Its Tigris-1 Well In Syria
Gulfsands Petroleum, the London AIM quoted company, has a profile which investors in small and mid cap companies like to see. There is production in the US and some potentially big exploration upside in Syria. There has been news on both fronts. We reported a few weeks ago that the US production stream was back up to 2,800 barrels of oil equivalent a day, following the hurricane disruption of 2005. We now understand that it has strengthened and is growing satisfactorily. This provides respectable amounts of cash flow on gross revenues of just over US$12 million for the first six months of the year.

But the real excitement is in Syria with the possibility of a significant step up through exploration. Gulfsands has reported that on the drilling of the Tigris-1 well in Block 26, in Syria, it has set 9 5/8 casing at a depth of 3,435 metres on Tigris. At this depth the well bore has entered into the Palaeozoic aged geological section to which the company owns the contractual rights in the Tigris structure.

Block 26 is an 11,000 sq kms tranche of acreage, equivalent in size to 50 North Sea blocks. It lies in a proven oil and gas province: the block is home to fields that are producing over 110,000 barrels of oil per day for the state oil firm, the Syrian Petroleum Company (SPC). There are numerous significant hydrocarbon accumulations here, mainly within the shallower Cretaceous and Triassic reservoirs, which are thought to total 3 billion barrels of recoverable oil. Gulfsands Production Sharing Agreement (PSA) gives it - and its 50/50 partner Emerald Energy - rights to the deep Palaeozoic reservoirs under the existing shallower fields.

What the companys latest statement means, in laymans terms, is that with the new casing, Gulfsands is now drilling in its own rocks, as they say. The partners first well on the Souedieh North-1 block, drilled in the second quarter of this year, was something of a disappointment, failing to recover moveable hydrocarbons during wire-line testing. Drilling was suspended for further analysis to decide whether to carry out chemical or mechanical stimulation on the well, or to deepen (or abandon) it.

This has no bearing on the prospectivity of the Tigris structure. The Tigris-1 well will go down to 4,500 metres to target the Carboniferous and Devonian- aged reservoirs that lie directly under the Souedieh field, the largest field in Syria.

This is not the first well to be drilled into these deep structures. The S1100 well, sunk by the SPC about one kilometre northeast of Gulfsands well site in 1994, indicated a substantial hydrocarbon column. So, strictly speaking this is not a wildcat well. The main objective of Tigris-1 is to confirm the presence of this hydrocarbon column.

The Tigris structure has been estimated by independent reservoir surveyors, the Ryder Scott Company, to have probable reserves of 442 bcf of gas, which combined with possible and prospective resources, totals a potential resource of 4.3 tcf of natural gas or 562 million barrels of oil.

But as the Souedieh North-1 well showed, only the drill bit will tell how much oil or gas there is, if any. The well should take another 35 days or so to reach target depth.

From AFN :


Scrooge McDuck - 22 Dec'06 - 19:37 - 332 of 332

didn't notice this on Monday.

Broker Recommendations - Monday 18th December 2006, 12:15 pm

Teather & Greenwood reiterates reduce Provident Financial and says buy Petrofac , Soco International (LSE: SIA.L - news) and Gulfsands .
The broker says sell Cairn Energy .

Anyone got the full version of the Teather & Greenwood note?

I've only seen the version on newratings.com (from October)

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Gulfsands Petroleum Drilling To Boost Shares

Thursday, October 19, 2006 5:48:25 AM ET

0829 GMT [Dow Jones] Gulfsands Petroleum's (GPX.LN) shares should appreciate as drilling progresses, says Teather & Greenwood. Says its drilling update indicates its Tigris-1 well in Syria is half way to its target depth. Notes the well could contain probable and possible gas reserve levels worth 135p a share. But notes it could also contain possible reserves of oil and gas worth 236p a share. Maintains its 90p per share core asset value, but says exploration success will have a marked effect on shareholder value. Reiterates buy rating. Trades unchanged at 96p. (KHO)

Nicely over 100p again, and as we are now drilling the prospective zone of the well, I like jumps in the SP :)

Well, its nice to see the rise continuing onwards from where we left it end of last year.

The Tigris well now is into the final stages of drilling so there should be some speculative buying expected, and of course should it be leaky then some insider buying or selling......so its interesting its been rising of late now we are "in the zone" of the drill.

A nice little pre-spud summary of what the hopes are for the Tigris drill :


1. Emerald Energy is talking up the potential of its Tigris structure onshore Syria, where drilling of the Tigris-1 well is expected to commence in September. The company highlighted new information released by operator Gulfsands Petroleum, the operator of Block 26 , following an economic valuation by Ryder Scott Company, L.P. The latter has completed an economic valuation of the probable and possible reserves (unrisked) on Tigris, which can be viewed on Emerald's website ( www.emeraldenergy.com ). On 30 January 2006, Ryder Scott completed a reserves study on the Tigris structure in which two cases were considered as there was insufficient data available at that time to determine with certainty the hydrocarbon fluid contained within the structure. This reserves study classified probable and possible reserves and prospective resource as follows: If Tigris is a natural gas accumulation, Ryder Scott has classified 442 Bcf of gas as probable reserves, a further 442 Bcf of gas as possible reserves, and a further 3.447 Tcf of gas as a prospective resource. In summary, total estimated hydrocarbon potential for probable and possible reserves and prospective resource in this case is 4.33 Tcf of gas, equivalent to 722 million boe. If Tigris is an oil accumulation, Ryder Scott has classified 104 million bbl of oil and 64 Bcf of gas as possible reserves and a further 408 million bbl of oil and 245 Bcf of gas as prospective resource. In summary, total estimated hydrocarbon potential for possible reserve and prospective resource in this case is 512 million bbl of oil and 308 Bcf of gas, equivalent to 563 million boe. If Tigris is a natural gas accumulation, Ryder Scott determined the probable reserves net to Emerald after applying the fiscal terms of the production sharing contract are 102 Bcf of gas having a net present value, discounted at 10%, of $233 million. In addition, the accumulation rates 75 Bcf of gas of possible reserves net to Emerald having a net present value, discounted at 10%, of $261 million. In summary total estimated probable and possible reserves for the natural gas case is 177 Bcf of gas (30 million boe) with a net present value of $494 million. If Tigris is an oil accumulation, Ryder Scott determined the possible reserves net to Emerald after applying the terms of the production sharing contract is 19.4 million bbl of oil having a net present value, discounted at 10%, of $452 million. Emerald holds a 50% interest in Block 26 in its 100% subsidiary SNG Overseas Ltd.

The strength continues, roll on some good news, fingers crossed :)