Options Exercise and Additional Listing
For immediate
release
24 April 2009
Gulfsands Petroleum plc ("the Company")
Options Exercise and Additional Listing
The Company has today made application for the admission of 570,000
shares to be admitted to trading on AIM. The shares have been issued
pursuant to the exercise of options. Dealings are expected to
commence on 28 April 2009. The total number of shares in issue
following exercise of these options is 119,122,500 ordinary shares.
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20 7434 6060
Ric Malcolm, Chief Executive Officer
Andrew Rose, Chief Financial Officer
Kenneth Judge, Director of Corporate Development +44 (0)7733 001 002
& Communications
Buchanan Communications Limited (London) +44 (0)20 7466 5000
Bobby Morse
Ben Romney
RBC Capital Markets (London) +44 (0)20 7653 4804
Sarah Wharry
ABOUT GULFSANDS:
Gulfsands is listed on AIM.
Syria
Gulfsands owns a 50% working interest in 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 currently producing more than 11,000 barrels
of oil per day through an early production facility. 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 reserves in Syria at
31 December 2008 were 28.7 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 44 blocks comprising approximately
138,000 gross acres offshore Texas and Louisiana, which include 30
producing oil and gas fields with proved and probable working
interest reserves at 31 December 2008 of 5.1 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
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