APPOINTMENT OF RICHARD MALCOLM AS CHIEF EXECUTI...
Immediate Release 21 July 2008
Gulfsands Petroleum plc
APPOINTMENT OF RICHARD MALCOLM AS CHIEF EXECUTIVE OFFICER
London, 21st July, 2008: Gulfsands Petroleum plc (AIM: GPX)
("Gulfsands", "the Group" or "the Company"), the oil and gas
production, exploration and development company with activities in
Syria, Iraq and the USA, is delighted to announce the appointment of
Mr. Richard Malcolm as Chief Executive Officer.
Richard (Ric) John Malcolm, 56, is currently the Managing Director of
OMV (U.K.) Limited, the UK E&P subsidiary of OMV AG, Austria's
largest listed company and one of Europe's leading oil and gas
companies.
Mr. Malcolm is a professional petroleum geologist and has spent 29
years in the oil industry, serving the past 9 years at OMV in
developing OMV's assets predominantly in the North Sea, Libya,
Australia and New Zealand.
Mr. Malcolm's career in the oil industry started in 1980 as a
petroleum geologist for Woodside Offshore Petroleum, the Australian
independent oil and gas intermediate where his work focused on oil
and gas exploration on the Northwest Shelf of Western Australia for
over 7 years. Following Woodside, Mr. Malcolm joined Ampolex Limited,
a listed oil and gas exploration and production company. His roles
included senior geologist and Exploration Manager in Western
Australia and later Exploration/ Team Leader for Northern and Eastern
Australia. Following Mobil's takeover of Ampolex Limited in 1997, Mr.
Malcolm assumed the role of Team Leader/ Country Manager for Mobil's
interests in Papua New Guinea.
Mr. Malcolm joined OMV in 1999 as head of exploration in Australia
and New Zealand and during his tenure at OMV oversaw OMV's entry into
new licences through farm-ins and acquisitions in Australia, New
Zealand and Norway as well as managing OMV's exploration interests in
Libya.
Mr. Malcolm was then appointed as Managing Director of OMV (U.K.)
Limited in July 2006 and has continued in that role until the present
during which time he has overseen OMV (U.K.)'s growth and evolution
in operated exploration activities in the Central North Sea (CNS) in
addition to OMV (U.K.)'s participation in the appraisal of the
Jackdaw gas/ condensate discovery in the CNS and appraisal of the
Rosebank oil discovery, West of Shetland Islands.
The appointment of Mr. Malcolm is anticipated to take effect not
later than end October of this year following the completion of
formalities associated with his present employment arrangements.
Upon taking up his position and as a part of his compensation
arrangements, Mr. Malcolm will be granted 1,500,000 options to
subscribe for ordinary shares in the Company. In accordance with the
Company's Executive Share Option Scheme, the exercise price of the
options will be 186 pence per share, being the average of the
mid-market closing prices of the Company's shares over the five
trading days prior to the date of this announcement. The options will
vest in three tranches, being 750,000 on the date of his appointment
and 375,000 on each of the first and second anniversaries of his
appointment
Further information concerning Mr. Malcolm as required to be
disclosed pursuant to Schedule Two, paragraph (g) (i) to (viii) of
the AIM Rules is to be found at the end of this announcement.
Gulfsands' Chairman, Andrew West, said:
"The Board welcomes Ric at a crucial moment in the evolution of
Gulfsands Petroleum, just as we are about to commence commercial
production in Syria. His appointment means that we now have a
complete and eminently qualified senior management team to drive
Gulfsands to the next stage of its development. I much look forward
to working with Ric and the Company's other senior executives to
build a substantial quoted independent oil and gas company".
Further information concerning Mr. Malcolm
Current Directorships
OMV (U.K.) Limited
Malcolm Family Superannuation Fund Pty Ltd
There are no further details for Mr Malcolm required to be disclosed
pursuant to Schedule Two, paragraph (g) (i) to (viii) of the AIM
Rules."
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002
Buchanan Communications Limited (London) +44 (0)20-7466-5000
Bobby Morse
Robin Haddrill
RBC Capital Markets (London) +44 (0)20-7653 4804
Andrew K. Smith
Sarah Wharry
ABOUT GULFSANDS:
Gulfsands is listed on AIM.
Syria
Gulfsands owns a 50% working interest and is operator of Block 26 in
North East Syria. 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. 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. On 23 August 2007, the Company initiated the first
extension period of exploration on Block 26 for a further period of
three years.
Iraq
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.
Onshore USA
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.net
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