|December 04, 2008|
Notification of Major Interest
|The Company was notified on 4 December 2008 that Mr Abdul Rahman Kayed is the beneficial holder of 11,500,000 ordinary shares of 5.714p each in the Company, representing 9.7 per cent. of the Company's issued share capital. |
In addition, the Company will be presenting at Ambrian's Energy Forum today. A copy of the presentation will be uploaded to the Company's website later today: www.gulfsands.com
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002
Jon Bey, Investor Relations: North America + 1 866 689 2599
Buchanan Communications Limited (London) +44 (0)20-7466-5000
RBC Capital Markets (London) +44 (0)20-7653 4804
Andrew K. Smith
Gulfsands is listed on AIM.
Gulfsands owns a 50% working interest and is operator of Block 26 in North East Syria. The Khurbet East oil field was discovered following the completion of drilling of the KHE-1 well in June 2007 and commenced commercial production within 13 months of the discovery. This field is currently producing in excess of 11,500 barrels of oil per day through the Khurbet East Early Production Facility (EPF). Block 26 covers approximately 8,250 square kilometres and encompasses existing fields which currently produce over 100,000 barrels of oil per day. These fields are operated mainly by the Syria Petroleum Company. On 23 August 2007, the Company initiated the first extension period of exploration on Block 26 for a further period of three years.
Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Maysan Gas Project in Southern Iraq and following completion of a feasibility study on the project is negotiating details of definitive contract for this regionally important development. The project will gather, process and transmit natural gas that is currently a waste by-product of oil production and as a result of the present practice of gas flaring, contributes to significant environmental damage in the region.
Gulf of Mexico, USA
The Company owns interests in 48 offshore blocks comprising approximately 168,000 gross acres which includes numerous producing oil and gas fields offshore Texas and Louisiana with proved and probable recoverable reserves net to Gulfsands at 31 December 2007 of 41.5 BCFGE (6.9 MMBOE), consisting of 27.3 BCFG and 2.36 MMBO.
Gulfsands owns interests in two oil and gas fields onshore Texas, USA (98.5% working interest in Emily Hawes Field and 37.5% working interest in Barb Mag Field) with proved and probable recoverable reserves net to Gulfsands at 31 December 2007 of 3.1 BCFGE (0.5 MMBOE), consisting of 2.8 BCFG and 57,000 barrels of oil.
Certain statements included herein constitute 'forward-looking statements' within the meaning of applicable securities legislation. These forward-looking statements are based on certain assumptions made by Gulfsands and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production or a decline in oil and gas prices. Gulfsands is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
More information can be found on the Company's website www.gulfsands.com.
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