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Gulfsands Petroleum (GPX)

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Monday 10 October, 2016

Gulfsands Petroleum

Board Appointments

RNS Number : 0266M
Gulfsands Petroleum PLC
10 October 2016





Board Appointments


10 October 2016


Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas company with activities in Syria, Tunisia, Colombia and Morocco, is pleased to announce the appointment of Mr Michael Kroupeev and Mr Richard Milne as Non-Executive Directors of the Company with immediate effect.


A short biography of each of Mr Kroupeev and Mr Milne is detailed below.


Mr Michael Kroupeev


Mr Kroupeev has 21 years' experience working within the exploration and production sector. After University in both Russia and the United Kingdom, he began his career working for Dana Petroleum plc as a Director in 1994. In 1995, Mr Kroupeev founded Waterford Finance and Investment Limited ("Waterford"). Waterford is an oil and gas focused vehicle, specialising in the financing of oil, gas and other energy related projects in emerging markets. He has been directly involved in the capital raising for natural resource projects and in acquiring, restructuring, developing and divesting such assets. Waterford has a number of substantial shareholdings in oil and gas companies with operations in Europe, Africa, North America and Australasia, and holds a 37.32 per cent. interest in the Company.


Mr Richard Milne


Mr Milne was most recently Group Head of Legal and Commercial Affairs at Petrofac Limited ("Petrofac"), from which he retired in 2015. Mr Milne joined Petrofac in 2004 with responsibility for advising on the legal and commercial aspects of the group's activities. Mr Milne was heavily involved in Petrofac's successful admission to listing on The London Stock Exchange in 2005 and in developing the group's governance and compliance framework. Prior to joining Petrofac, Mr Milne spent some 15 years in corporate finance after working in the insurance brokerage industry. Mr Milne is a graduate of Oxford University and qualified as a solicitor.



For further information, please refer to the Company's website at or contact:




Gulfsands Petroleum Plc

+44 (0)20 7464 4490

John Bell, Managing Director

Andrew Morris, Finance Director

James Ede-Golightly, Non-Executive Chairman

Cantor Fitzgerald Europe

Sarah Wharry

Craig Francis

+44 (0)20 7894 7000




In accordance with the AIM Rules, the following information required to be disclosed is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.


Mr Michael Kroupeev

Full name and age:

Mikhail (Michael) Kroupeev, aged 50

Current beneficial shareholding in the Company:

194,042,618 ordinary shares (37.32%) through Waterford Finance and Investment Limited

Current Directorships:  

Waterford Finance and Investment Limited

Waterford Petroleum Ltd

Waterford Management Services Ltd

Star Capital Research Ltd

WF Invest Ltd

Sterling Energy plc

Former Directorships (previous 5 years):               



Mr Richard Milne

Full name and age:

Richard Gordon Milne, aged 61

Current beneficial shareholding in the Company:


Current Directorships:  


Former Directorships (previous 5 years):               

KRRM 2 Ltd

Camstent Ltd



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.


The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.


This information is provided by RNS
The company news service from the London Stock Exchange

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