The Group's geographical focus is the Middle East and North Africa where it has interests in oil exploration and development projects in the Syrian Arab Republic (under continuing suspension due to sanctions), and oil and gas exploration projects in Morocco and Tunisia. Gulfsands also has interests in two exploration licences in Colombia.
Gulfsands' ambition is to become a significant exploration and production company and a preferred operator and/or partner of governments and other oil and gas companies.
Syria (activities in suspension due to the imposition of sanctions on Syria)
- Gulfsands is the operator of the Block 26 PSC with a 50% working interest.
- The PSC is currently in force majeure as a result of the EU sanctions against Syria.
- Prior to the Company's withdrawal from operations on Block 26 in December, 2011, gross Block 26 oil production had reached a level of just under 25,000 bopd.
- Development approval for two further discoveries had been granted prior to the sanctions being imposed and a third discovery made in late 2011
- 2P Reserves: approx. 73.5 mmbbls (working interest basis)
- Gulfsands is operator and majority interest holder of a significant portfolio of oil and gas exploration licences onshore Morocco.
- Gulfsands has made three natural gas discoveries in the Rharb Centre Permit.
- The Moulay Bouchta permit is considered prospective for oil and covers an area that includes three legacy oil fields now shut-in.
- The Fes permit area is considered to have significant oil exploration upside.
- Gulfsands is operator and 100% interest holder of the Chorbane oil and gas exploration licence, onshore Tunisia.
- Gulfsands is operator and 100% interest holder of two prospective blocks adjacent to prolific producing regions of Colombia.