Gulfsands Petroleum Plc is an independent oil & gas exploration and production company, incorporated in the United Kingdom.
The Group’s geographical focus is the Middle East where it has interests in oil exploration and development projects in the Syrian Arab Republic (under continuing suspension due to sanctions), and has an exploration licence in Colombia.
Gulfsands’ ambition is to become a significant exploration and production company and a preferred operator and/or partner of governments and other oil and gas companies.
Syria (activities in suspension due to the imposition of sanctions on Syria)
- Gulfsands is the operator of the Block 26 PSC with a 50% working interest.
- The PSC is currently in force majeure as a result of the EU sanctions against Syria.
- Prior to the Company’s withdrawal from operations on Block 26 in December, 2011, gross Block 26 oil production had reached a level of just under 25,000 bopd.
- Development approval for two further discoveries had been granted prior to the sanctions being imposed and a third discovery made in late 2011
- Oil and Gas reserves were reclassified to 2C Contingent Resources in 2015 due to ongoing EU sanctions
- Contingent 2C Resources: 83.7 mmboe (working interest basis, unrisked)
- Risked prospective resources 134 mmboe (working interest basis, risked)
Gulfsands is operator and 100% interest holder of Llanos-50, a prospective block adjacent to prolific producing fields of Colombia.