Half-Yearly Results for the Six Months Ended 30 June 2013September 17th, 2013

London, 17th September, 2013: Gulfsands Petroleum plc (“Gulfsands”, the “Group” or the “Company” – AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Morocco, Tunisia, Colombia and the U.S.A. is pleased to announce its interim results for the six months ended 30 June 2013

HIGHLIGHTS

  • Mahdi Sajjad appointed CEO in April 2013
  • Total bank and cash resources totalled $72.5 million at 30 June 2013 inclusive of $57.2 million of cash and cash equivalents
  • 75.9 million barrels of oil equivalent (“BOE”), working interest 2P reserves as at 31 December 2012
  • 158 BOE per day of net entitlement production in the first six months of 2013
  • 27% reduction in general and administrative expenses as a result of an on-going review programme
  • Acquisition of Cabre Maroc Limited, with interests in Morocco, completed 16 January 2013 for $19.0 million including settled liabilities of $1.7 million
  • 2D and 3D seismic surveys commenced in Morocco in June 2013 for completion before year end
  • Preparations for drilling in Morocco with an initial drilling programme of 5 wells to commence in October 2013
  • Award of PUT 14 and LLA 50 licences in Colombia approved by the Colombian authorities in February 2013 with Gulfsands appointed as Operator
  • Continuation of force majeure status with respect to production and exploration activities in Syria

 

For further information, please refer to the Company’s website www.gulfsands.com or contact:

Gulfsands Petroleum  +44 (0)20 7024 2130
Mahdi Sajjad, Chief Executive Officer
Kenneth Judge, Commercial Director
Buchanan  +44 (0)20 7466 5000
Bobby Morse
Ben Romney
RBC Capital Markets  +44 (0)20 7653 4000
Matthew Coakes
Daniel Conti
Tim Chapman