Statement re Notice of Annual General Meeting, ...
Immediate Release 4th May 2010
GULFSANDS PETROLEUM PLC
Notice of Annual General Meeting
2009 Annual Report & Accounts
London, 4th May, 2010: Â 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 U.S.A., is pleased to announce
that notice of the Company's Annual General Meeting ("AGM") and the Company's
2009 Annual Report & Accounts were posted to shareholders on 30th April, 2010.
The AGM is to be held at the offices of Buchanan Communications, 45 Moorfields,
London, EC2Y 9AE at 11:00am on Thursday 27th May, 2010.
The notice of meeting and the 2009 Annual Report & Accounts are available for
viewing or download from the company's website at www.gulfsands.com.
Registered Shareholders can obtain Proxy Forms for the AGM and copies of the
Annual Report from the Company Secretary at the Company's registered office at
One America Square, Crosswall, London EC3N 2SG.
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20 7434 6060
Richard Malcolm, Chief Executive Officer
Andrew Rose, Chief Financial Officer
Kenneth Judge, Director: Corporate Development &
Communications
Buchanan Communications Limited (London) +44 (0)20 7466 5000
Bobby Morse
Ben Romney
Chris McMahon
RBC Capital Markets (London) +44 (0)20 7653 4000
Josh Critchley
Tim Chapman
Matthew Coakes
Martin Eales
ABOUT GULFSANDS:
Gulfsands is listed on the AIM market of the London Stock Exchange.
Syria
Gulfsands owns a 50% working interest and is operator of Block 26 in North East
Syria. Â The Khurbet East oil field was discovered in June 2007 and commenced
commercial production within 13 months of the discovery. The Yousefieh oil field
was discovered in November 2008 and commenced commercial production within 18
months of discovery. The combined gross oil production from both Khurbet East
and Yousefieh fields is now approximately 18,000 barrels of oil per day and
utilizes early production facilities leased from the Syria Petroleum Company.
Block 26 covers approximately 8,250 square kilometres and encompasses existing
fields which currently produce over 100,000 barrels of oil per day, and are
operated mainly by the Syrian Petroleum Company. Â The current exploration
licence expires in August 2010 and is extendable for a further two years.
 Gulfsands' working interest 2P reserves in Syria at 31 December 2009 were 46.0
mmbbls.
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, following completion
of a feasibility study on the project, and is negotiating details of a
definitive contract for this regionally important development. Â 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. The Company is
actively engaged in discussions with respect to financing and potential equity
partners. Â Gulfsands has no reserves in Iraq.
Gulf of Mexico, USA
The Company owns interests in 37 leases offshore Texas and Louisiana which
include 24 producing oil and gas fields with proved and probable working
interest reserves at 31 December 2009 of 4.6 mmboe.
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 websitewww.gulfsands.com
Disclosure Requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any
class of relevant securities of an offeree company or of any paper offeror
(being any offeror other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer period and,
if later, following the announcement in which any paper offeror is first
identified. An Opening Position Disclosure must contain details of the person's
interests and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any paper offeror(s). An
Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made
by no later than 3.30 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later than 3.30 pm
(London time) on the 10th business day following the announcement in which any
paper offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a paper offeror prior to the deadline
for making an Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
paper offeror must make a Dealing Disclosure if the person deals in any relevant
securities of the offeree company or of any paper offeror. A Dealing Disclosure
must contain details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant securities of each
of (i) the offeree company and (ii) any paper offeror, save to the extent that
these details have previously been disclosed under Rule 8. A Dealing Disclosure
by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm
(London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any
offeror and Dealing Disclosures must also be made by the offeree company, by any
offeror and by any persons acting in concert with any of them (see Rules
8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made can
be found in the Disclosure Table on the Takeover Panel's website
atwww.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. If you are in any doubt as to whether you are required to make
an Opening Position Disclosure or a Dealing Disclosure, you should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
[HUG#1411331]
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