The Group's principal activities are in the Middle East, North Africa and Colombia where it has oil exploration, production and development projects in the Syrian Arab Republic (activities currently suspended in compliance with EU sanctions), and oil exploration and development projects in Morocco, Colombia and Tunisia. Gulfsands also produces oil & gas from a portfolio of properties in the USA, offshore Gulf of Mexico.
Our vision has been to become one of the pre-eminent independent exploration & production companies in the Middle East & North Africa region and to be viewed as a preferred operator and partner in the countries in which we operate, thereby creating significant shareholder value.
With the group's very substantial interests in Syria in suspension due to the imposition of sanctions on Syria, the group has recently focused on expanding its interests in Morocco and Colombia and re-shaping its interests in Tunisia.
- Gulfsands holds a number of highly prospective oil and gas licences and gas exploitation concessions covering a substantial area of Northern Morocco.
- Gulfsands is operator of all its licence interests and co-venturer on Fes with partners Caithness Petroleum.
- Commencing in 2013 and continuing into 2014, Gulfsands conducted two extensive 3D (now completed) and 2D seismic programs on the Rharb and Fes licence areas respectively.
- During 2014 Gulfsands will undertake further drilling on the Rharb Sud and Rharb Central exploitation concessions with a view to establishment of commercial gas production during 2014.
- July 2014 the LTU-1 Natural Gas Discovery was made in the Rharb Centre Permit in Northern Morocco.
- The Rharb Centre and Rharb Sud permits represent an opportunity for near term gas production from existing discoveries and anticipated further discoveries in a shallow depth gas play.
- The Fes permit area is considered to have significant oil exploration upside.
- Gulfsands holds 55% working interests (partially carried) and is operator of the PUT-14 and LLA-50 Contract areas in joint venture with local partner, Luna Energy.
- Two permits awarded on attractive commercial terms in the Ronda 5, 2012 bid round and considered prospective for oil discoveries.
- Seismic programs are being planned for both blocks with work on PUT-14 anticipated to commence in Q4 2014 and on LLA-50 in H1, 2015.
- Exploration drilling on both blocks will be targeting oil prospects with drilling contemplated to commence in late 2015.
- Gulfsands has recently increased its participating interest to 100% and taken over operatorship of the Chorbane permit, onshore Tunisia.
- Two 2D seismic programs totalling approx. 104 Kms are being planned and permitted for the Chorbane permit during 2014 ahead of preparations for drilling of an exploration well targeting oil during H1 2015
- 50% working interest and operator of Block 26 PSC (area 5,414 kmē) in joint venture with Sinochem of China.
- Prior to the Company's withdrawal from operations on Block 26 in December, 2011, Block 26 oil production had risen to approximately 24,000 bopd (Gulfsands' working interest 12,000 bopd)
- Two fields under commercial development: Khurbet East and Yousefieh, now closed in and not operating.
- Approval for the development of the Khurbet East Triassic Butmah oil and gas field was granted in December 2011
- 2P Reserves: approx. 74 mmbbls (working interest)
- Gulfsands continues to work on divesting its residual interests in the Gulf of Mexico, consisting of 11 active leases and 6 producing fields
- Proved and Probable reserves at year end 2012 amounted to (1.3) million boe on a working interest basis with production consisting of approximately 50% of oil and 50% of gas. The 2013 year end reserves report will be finalised during Q1 2014.