The Group's major focus is on the Middle East and North Africa, where it has oil exploration and development projects in the Syrian Arab Republic (currently suspended owing to sanctions), and oil and gas exploration projects in Tunisia and Morocco. Gulfsands is also operator of two exploration licences in Colombia and produces oil & gas from a portfolio of properties in the USA, offshore Gulf of Mexico.
Gulfsands' vision is to become an important, independent exploration and production company in the countries and regions in which we operate and preferred operator and partner of government and private sector oil and gas companies sharing our vision. Gulfsands' management is presently focused on acquiring and developing significant interests in high impact projects in the Middle East, North Africa and Colombia.
- 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
- 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
- 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 March 2013 Gulfsands finalised the award of two exploration and production agreements in Colombia
- The two license areas are: Llanos Area 50 "LLA50" and Putamayo Area 14 "PUT14"
- The License areas are considered frontier in nature and cover 513.7 kmsq and 463.6 kmsq
- Gulfsands is in discussions with potential joint venture partners and will propose work programmes for the two blocks in the imminent future
- It is not anticipated that there will be significant operational activity in Colombia in 2013
- 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
- 13 active leases and 5 producing fields
- Proved and Probable reserves at year end 2012 amounted to 1.5 million boe on a working interest basis with production consisting of approximately 50% of oil and 46% of gas and 4% NGLs.