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.

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...

remember that EEN and GPX shared the same Kurbet field (i think), so presume the reckoning is (a) that field has lots of potential and (b) sinochem may now be eyeing up GPX having taken out EEN

Yep, I had thought of that.

sp has suddenly bolted, but watch 230 which could easily prove a major hurdle as it's the all-time high (promise, halifax, it really is!)

Tipped in the Times the other day.

Ken Judge interview, click HERE

Interesting to note that we had a new Buy reco from Oriel yesterday.

All in all a very bullish list of broker buys and not often you get more or less a full deck like this.....

Gulfsands Petroleum PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Oriel Securities
12-08-09 BUY 17.49 15.20 37.21 32.40

Seymour Pierce
07-08-09 BUY 14.81 14.10 22.33 17.10

Fox Davies Capital [R]
06-08-09 BUY 13.74 0.09 70.89 0.64

Canaccord Adams
30-07-09 BUY 17.87 15.27 27.61 23.21

Edison Investment Research
24-07-09 None 11.77 8.45 18.83 13.98

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 16.76 14.87 25.08 20.28
1 Month Change 1.96 0.21 4.43 4.68
3 Month Change 6.20 6.77 1.93 1.90


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS % % 36.38%
DPS % % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 4.71m 27.67m 39.99m

EBIT -1.43m m m

Dividend Yield % % %

Dividend Cover x x x

PER -634.07x 14.76x 10.82x

PEG f f 0.30f

Net Asset Value PS 63.66p p p

Recent article from Telegraph online....

Gulfsands hits another milestone

By Garry White
Published: 9:26PM BST 08 Aug 2009

Gulfsand Petroleum

There was more positive new this week from oil producer and explorer Gulfsands Petroleum. The company said that it had successfully completed the expansion of its early production facility at Khurbet East in Syria. It now has a capacity of 18,000 barrels per day.

This has resulted in an increase in gross daily oil production from the Khurbet East field from approximately 10,730 barrels of oil per day (bopd) in June to approximately 14,700 bopd. This is the latest stage in the company's development and is reassuring progress.

Gulfsands has a working interest of 50pc of the block with the other half held by Emerald Energy, which is currently in a bid situation. It is believed that state-owned Chinese companies are interested in the assets. Further production growth is expected over the next year or so, rising to a peak of around 30,000 bopd.

Questor recommended buying shares in Gulfsands in April at 182p and the shares are at about the same level now. The company's operations in Syria, where it has a licence in Block 26, are very exciting. The block is very large and it also has infrastructure, including a pipeline, close by. The company aims to become a significant exploration and production company in the Middle East and seeks to be viewed as a preferred operator and partner.

Gulfsands also has some producing assets in the US, but these are non-core. The wells are currently not producing at their maximum rate because of hurricane damage over the last two years, but the assets are being repaired and will eventually be sold off when market conditions improve. Until then, they will provide the group with cash flow.

The company has a solid balance sheet. It has no debt and, at the end of the last financial year, it had $36.8m (22m) of cash in the bank. It is expected that the group will be able to fund its capital expenditure programme from current cash balances and its own cash flow. So the prospect of dilutive equity placings which are always a risk with exploration companies look slim.

The company's management owns about 12pc of the group, and this also makes a placing less likely after all, they wouldn't want to dilute their own stakes in the group, would they? Questor always prefers it when the interests of management are aligned with the interests of shareholders.

Over the longer term, the company is also moving into Iraq, although this project is at a very early stage, so it is likely to take some time before solid news flow comes from this project.

In January 2005, Gulfsands signed a memorandum of understanding with the Ministry of Oil in Iraq for the Maysan Gas Project in the south of the country.

The project involves the design and operation of a gathering system for gas currently being flared as a waste product of oil production.

The group's medium-term goal in Iraq is to secure oil and gas exploration and development projects. Talks are ongoing.

The shares are trading on a December 2009 earnings multiple of 9.2 times, falling to 6.7 in 2010.

This is a growth share, so it does not pay a dividend, making it unsuitable for those investors pursuing an income strategy.

Buy.

http://www.telegraph.co.uk/finance/markets/questor/5994532/Gulfsands-hits-another-milestone.html

A lull in sp rise here...should pick up sooner or later...

Almost reached 40p.

don't confuse your GPX with your GKP. though easily done i know!