Rule 8.3 - Gulfsands Petroleum

FORM 8.3                                    

   DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE    

                        (Rule 8.3 of the Takeover Code)                        

1. KEY INFORMATION

Name of person dealing (Note 1) Investec Asset Management - On behalf of       
                                Discretionary Clients                          
                                                                               
Company dealt in                Gulfsands Petroleum                            
                                                                               
Class of relevant security to   Common Stock GBP 0.5714286                     
which the dealings being                                                       
disclosed relate (Note 2)                                                      
                                                                               
Date of dealing                 23.3.10                                        

2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

                                         Long                   Short          
                                                                               
                                Number (%)             Number (%)              
                                                                               
(1) Relevant securities         1,513,194 1.250%       Nil Nil                 
                                                                               
(2) Derivatives (other than     Nil Nil                Nil Nil                 
options)                                                                       
                                                                               
(3) Options and agreements to   Nil Nil                Nil Nil                 
purchase/sell                                                                  
                                                                               
Total                           1,513,194 1.250%       Nil Nil                 

(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)

Class of relevant security:              Long                   Short          
                                                                               
                                Number (%)             Number (%)              
                                                                               
(1) Relevant securities         Nil Nil                Nil Nil                 
                                                                               
(2) Derivatives (other than     Nil Nil                Nil Nil                 
options)                                                                       
                                                                               
(3) Options and agreements to   Nil Nil                Nil Nil                 
purchase/sell                                                                  
                                                                               
Total                           Nil Nil                Nil Nil                 

(c) Rights to subscribe (Note 3)

Class of relevant security:     Details                                        
                                                                               
Nil                             Nil                                            

3. DEALINGS (Note 4)

(a) Purchases and sales

Purchase/sale              Number of securities      Price per unit (Note 5)   
                                                                               
Sale                       18,408                    3.2725 GBP                

(b) Derivatives transactions (other than options)

Product name,  Long/short (Note  Number of securities     Price per unit (Note 
               6)                (Note 7)                 5)                   
e.g. CFD                                                                       
                                                                               

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product name, Writing,    Number of     Exercise Type, e.g. Expiry  Option     
              selling,    securities to          American,          money      
e.g. call     purchasing, which the     price    European   date               
option        varying     option                 etc.               paid/      
              etc.        relates (Note                             received   
                          7)                                        per unit   
                                                                    (Note 5)   
                                                                               

(ii) Exercising

Product name, e.g. call    Number of securities      Exercise price per unit   
option                                               (Note 5)                  
                                                                               

(d) Other dealings (including new securities) (Note 4)

Nature of transaction      Details                   Price per unit (if        
(Note 8)                                             applicable) (Note 5)      
                                                                               

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person 
disclosing and any other person relating to the voting rights of any relevant  
securities under any option referred to on this form or relating to the voting 
rights or future acquisition or disposal of any relevant securities to which   
any derivative referred to on this form is referenced. If none, this should be 
stated.                                                                        
                                                                               

Is a Supplemental Form 8 attached? (Note 9) NO

Date of disclosure                           24.03.10                          
                                                                               
Contact name                                 Ian Gartshore                     
                                                                               
Telephone number                             0207 597 1825                     
                                                                               
If a connected EFM, name of offeree/offeror                                    
with which connected                                                           
                                                                               
If a connected EFM, state nature of                                            
connection (Note 10)                                                           

Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk