Directorate Change

Gulfsands Petroleum PLC 14 February 2006 14 February 2006 Gulfsands Petroleum PLC ('Gulfsands' or 'the Group') Gulfsands Announces Board Changes Gulfsands Petroleum PLC (symbol GPX), the AIM listed oil and gas exploration, development and production company with activities in the USA, Syria and Iraq, announced today the appointment of two new non-executive directors, Mr. Andrew West and Mr. David Cowan, to replace departing non-executive directors Mr. Malcolm Butler and Mr. Charles Stonehill. The changes to the Board reflect the changing needs of Gulfsands as its executive management is increasingly focused on the development of its business in the Middle East, specifically Syria. Andrew West, a British subject and resident, is an investment banker with nearly twenty-five years experience in London and New York. During his early career he worked from 1981 to 1985 as a Vice President of Smith Barney & Co., and from 1985 to 1990 as an Executive Director of Lehman Brothers Limited, specializing in mergers and acquisitions. From 1990 to 1997 Mr. West was a Director of Guinness Mahon & Co. Limited and a Managing Director of its Corporate Finance Division and from 1997 to 1999 was Managing Director of Strand Partners Limited, a privately-owned investment banking firm. For the past several years Mr. West has worked independently and he is currently a non-executive director of several companies, including Bellamy's of Bruton Place Limited, a restaurant company, CLP Envirogas Holdings Limited, a renewable energy company, First City Insurance Group Limited, an insurance broker, and Abacus Syndicates Limited, a Lloyd's Managing Agency. Mr. West has had considerable previous experience advising in the oil and gas sector, including playing a significant role in the establishment of Sibir Energy PLC, an AIM listed oil and gas company with interests in Western Siberia, of which he was Chairman for two years. David Cowan is a solicitor residing in Vancouver, Canada. He is a partner with Lang Michener LLP, a national Canadian law firm with offices in Vancouver, Toronto and Ottawa and is a member of that firm's Venture Capital Group. David Cowan holds an LLB from the University of British Columbia (1979) and practices primarily in the area of corporate and securities law. He represents numerous publicly traded companies and has previously worked with the British Columbia provincial government, including the British Columbia Securities Commission, where he was involved in the drafting of securities legislation. Mr. Cowan is a past Chairman of both the Securities and Natural Resources subsections of the British Columbia branch of the Canadian Bar Association, and the National Natural Resources subsection of the Canadian Bar Association. He has also served as a member of the Securities Policy Advisory Committee to the British Columbia Securities Commission and is a frequent lecturer for the Continuing Legal Education Society of British Columbia. Mr. Cowan is currently a director of Brazilian Diamonds Limited, a company listed on the Toronto Stock Exchange and AIM, and is also a director of Alto Ventures Ltd., Tres-Or Resources Ltd. and Piper Capital Inc., all listed on the TSX Venture Exchange. He is also a director of Gulfsands Petroleum Ltd. and Gulfsands Petroleum Syria Ltd. (wholly owned subsidiaries of Gulfsands Petroleum PLC), and has provided legal and commercial counsel to Gulfsands since its incorporation in 1997. Mr. Cowan's specific Middle East region experience includes ventures in Syria, Iraq and Algeria. Since the listing of the Company's shares on AIM last year, the Company's asset base has grown and become increasingly focused in the Middle East, specifically in Block 26, Syria. Since the IPO, Gulfsands has increased its working interest in Block 26 from 20% to 50% and became operator with the drilling programme due to commence in May. The executive management of the Company believes this focus will result in rapid and sustained growth of the Company and also believes that the composition and direction of the Board should be aligned with this strategy. Mr. Butler and Mr. Stonehill agreed with the executive management of the Company that the prospects for the further, successful development of the company's asset base in both the Middle East and the GOM are strong. The Company plans to recruit a third non-executive director in the near term to balance representation on the board with three executive and three non-executive directors. John Dorrier, CEO of Gulfsands Petroleum, said 'The Company would like to thank Malcolm and Charles for their contributions to the Board and their service through the early period of the Company's existence as an AIM listed company, and we welcome Andrew and David as new directors of the Company.' Enquiries: Gulfsands Petroleum (Houston) 001-713-626-9564 David DeCort, Chief Financial Officer College Hill (London) 020-7457-2020 Ben Brewerton / Nick Elwes Seymour Pierce (London) 020-7107-8000 Richard Redmayne Jonathan Wright Note to Editors • Gulf of Mexico, USA The Group owns interests in 64 offshore blocks comprising approximately 216,000 gross acres which includes 39 producing oil and gas fields offshore Texas and Louisiana with proved and probable recoverable reserves of approximately 30.3 billion cubic feet of natural gas equivalents (BCFGE), consisting of 14.94 BCFG and 2.56 MMBO as of 30 June 2005 with a net present value of approximately $129 million. Additionally, there is a further 3.4 BCFGE of possible recoverable reserves with a net present value of approximately $14 million. • Syria In Syria, Gulfsands owns a 50% working interest in Block 26 and is the operator. The block covers 11,000 square kilometres and surrounds areas which currently produce over 100,000 barrels of oil per day from existing fields. In January 2006 the Group completed the acquisition of 1,155 kilometers of 2D seismic and anticipates drilling two wells during 2006. The first well, known as Souedieh North is scheduled to be drilled in May of 2006 which has the potential to contain in excess of 100 MMBO. The second well known as Tigris is scheduled to be drilled in August of 2006 and has the potential to contain in excess of 500 MMBOE. Gulfsands has identified 31 total exploitation and exploration prospects within Block 26 with mean resources potential exceeding 1 billion barrels of recoverable oil. An independent reserves report was issued in January 2006 on the Tigris structure. The reserves were classified as either oil or gas bearing until such time as the Company drills and tests the Tigris structure. The reserve report concluded that there are 442 BCFG of probable recoverable reserves in the Tigris structure. Additionally, the report classified the possible reserves as either natural gas or oil. The gas case reflected an additional 442 BCFG in possible recoverable reserves and an additional 3447 BCFG as prospective resource. The oil case reflects 104 MMBO and 64 BCFG in possible recoverable reserves and a further 408 MMBO and 245 BCFG as prospective resource. In summary, the natural gas case equates to total recoverable reserves potential among probable reserves, possible reserves and prospective resource as 4330 BCFG (722 MMBOE), while the oil case equates to 512 MMBO and 308 BCFG (combined 563 MMBOE). • Iraq Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Misan Gas Project in Southern Iraq and is currently negotiating the definitive contract for the project. The project will gather, process and transmit natural gas that is currently a waste by-product of oil production in the region and will end the environmentally damaging practice of gas flaring. Gulfsands has completed a feasibility study and expects to conduct further technical work and commercial discussions with the Iraq Oil Ministry. • Onshore USA Gulfsands operates onshore in the USA through its 80% owned subsidiary company Darcy Energy LLC. At the Emily Hawes field, initial gas production commenced in the summer of 2005. The first well in the Barb Mag oil field has been drilled and wireline logged with some 38 feet of potential net pay and production tested at 1.5 million cubic feet of natural gas and 36 barrels of condensate per day. Production from this well should commence during the first quarter of 2006. Darcy Energy has a 34.375% and 37.5% working interest in these fields respectively. Further information: David Cowan, aged 51, is or has, in the past five years, been a partner or director of the following partnerships and companies: Current Former Lang Michener LLP Clark Wilson Gulfsands Petroleum Ltd. 572443 B.C. Ltd. Gulfsands Petroleum Syria Ltd. Brazilian Diamonds Ltd. Alto Ventures Ltd. Piper Capital Inc. 603498 B.C, Ltd. Xcert Software Inc. Tres-Or Resources Ltd. Mr. Cowan owns 218,750 ordinary shares in Gulfsands Petroleum PLC. Andrew Thomas West, age 48, is or has, in the past five years, been a partner or director of the following partnerships and companies: Current Former Abacus Syndicates Limited BCT Limited Danish Re Syndicates Limited BCT Employee Share Trust Limited GMA Imagine Limited Clovis Associates Limited Imagine Underwriting Limited Meridian Eventing Limited Bellamy's of Bruton Place Limited Arbutus Projects (UK) Limited Buck's Club Limited Blackborough End Energy Limited CLPE Holdings Limited (and subsidiaries Chelson Meadow Energy Limited and affiliates) Mayton Wood Energy Limited Arbutus Renewables Limited Auchencarroch Energy Limited Beetley Energy Limited Beighton Energy Limited Bellhouse Energy Limited Bellhouse 2 Energy Limited Bolam Energy Limited Broom Energy Limited Cathkin Energy Limited Cilgwyn Energy Limited CLP Developments Limited CLP Envirogas Limited CLP Services Limited CLPE 1991 Limited CLPE 1999 Limited CLP Envirogas Limited CLPE Holdings Limited CLPE Projects 1 Limited CLPE Projects 2 Limited CLPE Projects 3 Limited CLPE ROC-1 Limited CLPE ROC-2 Limited CLPE ROC-3 Limited CLPE ROC-4 Limited CLPE ROC 2-A Limited CLPE ROC 3-A Limited CLPE ROC 4-A Limited Colsterworth Energy Limited Connon Bridge Energy Limited Costessey Energy Limited Cotesbach Energy Limited Deerplay Energy Limited Feltwell Energy Limited Funtley Energy Limited Garlaff Energy Limited Jameson Road Energy Limited Kenwick Energy Limited Kilgarth Energy Limited Landgas Developments Limited Landgas Energy Limited Landgas Services Limited Leadenham Energy Limited March Energy Limited Mountsorrel Energy Limited Queens Park Road Energy Limited Rowley Energy Limited Rushton Energy Limited Skelbrooke Energy Limited Snetterton Energy Limited Stoney Hill Energy Limited Summerston Energy Limited Todhills Energy Limited United Mines Energy Limited Wetherden Energy Limited Whinney Hill Energy Limited Whinney Hill 2 Energy Limited Whisby Energy Limited Greenwich Insurance Holdings PLC First City Insurance Limited Ganymede Limited Clovis Partners Limited ('CPL'), a consultancy company owned by Mr. West, was the subject of a Winding Up Order on 25 October 2000. The amount owing to the Petitioner was paid. The Administration was concluded three months later on 29 January 2001, the Official Receiver having satisfied himself that there were no matters requiring his further attention and that no other creditors were involved. CPL was dissolved on 20 May 2002. There is no further information required to be disclosed in respect of the appointments of Mr. Cowan or Mr. West pursuant to schedule 2 rule (g) (i) to (viii) of the AIM rules for companies. This information is provided by RNS The company news service from the London Stock Exchange
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