Award of Share Options and Re

RNS Number : 3264L

Gulfsands Petroleum PLC

05 May 2010

 



Immediate Release

5th May 2010

GULFSANDS PETROLEUM PLC

Award of Share Options and Restricted Shares

London: 5th May 2010. Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), announces that it has made awards totaling 1,705,000 share options and 80,835 restricted shares to directors and employees as part of its annual remuneration round. The restricted shares have been awarded pursuant to the Company's restricted share plan adopted by the Board in December 2009.

The share options have an exercise period of five years and vest over a period of two years from the date of the award. The exercise price has been set at 320 pence per share, being both the closing mid-market price on Friday 30 April and the average mid-market closing price (to the nearest penny) during the week beginning 26 April. Each option is exercisable into one ordinary share of 5.7142865p of the Company.

The restricted shares are awarded free and also vest over a period of two years from the date of the award. Shares are only issued by the Company upon vesting.

Awards of options were made to directors as follows:

Name	Role	No. of share option awards	No. of total share options now held
Ric Malcolm	Chief Executive	500,000	1,850,000
Mahdi Sajjad	President	500,000	1,500,000
Andrew Rose	Chief Financial Officer	300,000	1,100,000
Ken Judge	Director, Corporate Development & Communications	300,000	1,300,000

No awards of restricted shares were made to directors.

Following these awards the Company will have outstanding 230,835 awards of restricted shares which are unvested and a total of 9,695,000 share options.

For more information please contact:

Gulfsands Petroleum (London)	[phone]
Richard Malcolm, Chief Executive Officer Andrew Rose, Chief Financial Officer Kenneth Judge, Director: Corporate Development & Communications
Buchanan Communications Limited (London)	[phone]
Bobby Morse Ben Romney Chris McMahon
RBC Capital Markets (London)	[phone]
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.  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.  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

 

END

 

 

MSCSSAFALFSSESI