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.

The writing was on the wall back in 2016!

Secured Financing Facility Extension, Strategic Update and Intention to Delist
Gulfsands Petroleum plc ("Gulfsands" or the "Company" - AIM: GPX), the oil and gas company with assets in Syria and Colombia, today announces that it has finalised a £4 million extension to its existing £4 million Secured Term Financing Facility (the "Facility") from its major shareholders, being ME Investments Ltd, Waterford Finance & Investment Limited and Blake Holdings Limited (a company controlled by Mr. Richard Griffiths) (together the "Major Shareholders" or "Lenders"). As a result of strategic discussions with the Major Shareholders related to the Facility extension, the Directors have also concluded that it would currently be in the best interests of the Company to seek Shareholder approval to cancel the admission of its Ordinary Shares from trading on AIM (the "Delisting"), a decision which is supported by all three Major Shareholders who have each provided irrevocable undertakings to vote in favour of the Delisting which amount to approximately 83% of the votes to be cast at the general meeting to be convened to approve the Delisting.

i am staggered that anyone still holds these

I don't. It's just occasionally reassuring to see why I don't!