The Group's major focus is on the Middle East and North Africa 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 and Tunisia. Gulfsands also produces oil & gas from a portfolio of properties in the USA, offshore Gulf of Mexico.
Vision
Our vision is 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, thereby creating significant shareholder value.
Syria
- 50% working interest in Block 26 PSC (area 5,414 kmē)
- Gulfsands is operator, with Sinochem as 50% non-operating partner
- Two fields under commercial development: Khurbet East and Yousefieh
- Approval for the development of the Khurbet East Triassic Butmah oil and gas field was granted in December 2011
- 2P Reserves: xxxx mmbbls (working interest) (Jon: this number is about 76 mmbls...please check and amend)
- The Company's contract is currently in force majeure in compliance with EU sanctions against Syria
- 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)
- Due to the impact of the EU's sanctions, Gulfsands is currently not involved in the operation of producing fields, the development of discoveries already made or further exploration of Block 26.
- In January, 2013, Gulfsands acquired Cabre Maroc, owner of a a number of highly prospective oil and gas licences and gas exploitation concessions covering approximately 13,350 Km2 in Northern Morocco
- Gulfsands is operator and owner of several gas exploitation concessions and co-venturer with partners Caithness Petroleum and ONHYM in a significant portfolio of exploration permits.
- During 2013, Gulfsands will undertake the drilling of multiple targets identified on the Rharb Sud and Rharb Central exploitation concessions with a view to the commencement of gas production before the end of 2013
- The Rharb Centre and Rharb Sud permits represent the opportunity for near term gas production from existing discoveries and anticipated further discoveries in a shallow depth gas play
- The Fes and Taounate permits are considered to have significant exploration upside
- Gulfsands has recently increased its participating interest and taken over operatorship of the Chorbane permit, onshore Tunisia.
- Gulfsands has also increased is participating interests in the Kerkouane permit (offshore Tunisia) and Pantellaria permit (offshore Italy), to 40%
- A US$2 million seismic program is planned for the Chorbane permit in 2013
- A strategic alliance has been established with Rift Basin Resources for the pursuit and acquisition of petroleum projects in Tunisia and the MENA region generally
- Target region for strategic business development
- Seeking participation in hydrocarbon projects in Iraq ex-Kurdistan
- During 2012 Gulfsands continued work to divest its residual interests in the Gulf of Mexico
- Residual assets consist of non-operated interests in shallow water Gulf of Mexico oil and gas properties
- 11 active leases and 6 producing fields
- Proved and Probable reserves at year end 2011 amounted to 1.3 million boe on a working interest basis with production consisting of approximately 50% of oil and 50% of gas. The 2012 year end reserves report will be finalised during Q1 2013.