Statement re Notification of Major Interests in...
Immediate Release                                               15 January 2010
GULFSANDS PETROLEUM PLC ("the Company")
Notification of Major Interests in Shares
The Company was notified on 14 April 2010 by Schroders plc that, following a
sale of 130,000 shares on 13 April 2010, Schroders Investment Management Limited
("SIML") now holds 25,964,628 shares representing 21.45% of the Company's issued
share capital and has voting rights over 19,258,242 shares representing 15.91%
of the total issued and voting share capital of the Company.
For more information please contact:
Gulfsands Petroleum (London)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44
(0)20 7434 6060
Richard Malcolm, Chief Executive Officer
Kenneth Judge, Director of Corporate Development
& Communications
Buchanan Communications Limited (London)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44 (0)20 7466 5000
Bobby Morse
Ben Romney
RBC Capital Markets (London)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +44 (0)20 7653 4000
Josh Critchley
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. The Khurbet East oil field was discovered in June 2007 and commenced
commercial production within 13 months of the discovery. This field is producing
at an average gross production rate of approximately 17,000 barrels of oil per
day through an early production facility. In January 2010, approval was received
for the commercial development of the Yousefieh oil field, discovered in
November 2008 and located approximately 3 kilometres from the Khurbet East oil
field. 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. 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. 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. 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 website www.gulfsands.com
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any
person is, or becomes, "interested" (directly or indirectly) in 1% or more of
any class of "relevant securities" of Gulfsands, all "dealings" in any "relevant
securities" of that company (including by means of an option in respect of, or a
derivative referenced to, any such "relevant securities") must be publicly
disclosed by no later than 3.30 p.m. (London time) on the London business day
following the date of the relevant transaction. This requirement will continue
until the date on which the offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the "offer period"
otherwise ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an "interest" in "relevant
securities" of Gulfsands, they will be deemed to be a single person for the
purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Gulfsands by the potential offeror or by Gulfsands, or by any of
their respective "associates", must be disclosed by no later than 12.00 noon
(London time) on the London business day following the date of the relevant
transaction.
A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a "dealing" under Rule 8, you should consult the Panel.
[HUG#1403860]
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