Half-Yearly Results for the Six Months Ended 30 June 2009

London, 22th September, 2009: Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq and the USA, announces its half-yearly results for the six months ended 30 June 2009.

To view the complete "Half Year Financial Statements - June 2009" document in PDF format, click below:   www.gulfsands.com/i/pdf/Q22009.pdf

Highlights

• Average working interest production 6,165 boepd vs. 1,699 boepd in H1 08
• US production still not fully restored following 2008 hurricanes
• 850 km² of 3D seismic data acquired on Block 26, Syria
• Average sales price for Syrian production in H1 09 : $44.0/bbl, a discount to average Brent of $7.9/bbl

• Revenues up 47% to $29.0 million (H1 08: $19.7 million)
• Net profit $3.7 million (H1 08: loss of $10.3 million (restated))
• Net cash from operations, before working capital movements, $12.4 million (H1 08: $5.4 million)
• Capital expenditure $14.7 million (H1 08: $11.3 million)
• Cash balance at period end of $31.9 million (31.12.08: $36.8 million).

• Capacity of Early Production Facility increased to 18,000 bopd gross
• Year-end target of 16,000 bopd from Khurbet East Field reached mid-September
• Average discount to Brent of Syrian oil sales in July and August fell to below $3/bbl

Gulfsands' Chairman, Andrew West, said:

"The first half of 2009 has demonstrated the tangible financial benefits of Gulfsands' Middle Eastern strategy. Despite a relatively weak oil price during the period, we have not only increased revenue and operating cash flow substantially as compared to the first half of 2008 but have delivered the first profit for shareholders for five years. We are also delighted to welcome Sinochem as our provisional new partner in Block 26 and look forward to working closely with them to exploit aggressively the significant development and exploration opportunities remaining within the Block."

For further information please contact:

Gulfsands Petroleum (London): +44 (0)20 7434 6060
Richard Malcolm, Chief Executive Officer
Andrew Rose, Chief Financial Officer
Kenneth Judge, Director of Corporate Development: +44 (0)7733 001 002

Buchanan Communications Limited (London): +44 (0)20 7466 5000
Bobby Morse
Ben Romney

RBC Capital Markets (London): +44 (0)20 7653 4667
Sarah Wharry

These half-yearly results, together with a copy of the presentation to be given analysts at 9.30am (GMT) today and a webcast thereof, can be viewed on: http://mediaserve.buchanan.uk.com/2009/gulfsands220909/registration.asp, and a recording will be available on the Gulfsands' website: www.gulfsands.com thereafter.

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