Drilling Report

Gulfsands Petroleum PLC
11 September 2006



11 September 2006


Gulfsands Petroleum plc
('Gulfsands' or 'the Company')


Tigris-1 Well Commences in Block 26, Syria


Gulfsands Petroleum plc (symbol GPX), the AIM listed oil and gas exploration,
development and production company with activities in the USA, Syria and Iraq,
is pleased to announce that the Company has commenced drilling the Tigris-1 well
within Block 26, Syria.   The Tigris-1 represents the first of a series of wells
proposed to be drilled by the Company in Block 26 over the next 12 months.
Gulfsands is currently in final negotiations on an additional drilling rig to be
utilized within Block 26 for this continuous drilling program.

Gulfsands, the operator and 50% working interest owner in Block 26, has
commenced the drilling of the Tigris-1 confirmation well located in the
northeast region of Block 26.  This vertical well will be drilled to an
approximate depth of 4,500 meters with the primary objective being Carboniferous
and Devonian aged reservoirs directly underlying the Souedieh Oil Field, the
largest known oil field in Syria.  This well is scheduled to take 90 to 120 days
to drill and evaluate at an estimated cost of $7.3 million, or $3.65 million net
to Gulfsands.

The Tigris-1 well will be the second well to target the Carboniferous and
Devonian aged reservoirs within the overall Tigris structure.  The S1100 well,
drilled in 1994 by the Syrian Petroleum Company and located approximately 1
kilometre northeast of the Tigris-1 well, was the first well to intersect these
reservoirs within this structure.  Independent interpretation of the wireline
logs from the S1100 well indicates a substantial hydrocarbon column.  The main
objective of the Tigirs-1 well is to confirm the presence of this hydrocarbon
column.

Tigris has been estimated by Ryder Scott Company, L.P. to have 442 BCFG of gross
probable reserves with a net present value discounted at 10% of $233 million net
to Gulfsands 50% working interest.  Ryder Scott has estimated the gross
prospective resource size for Tigris as some 4.3 TCF of natural gas, or 562
million barrels of oil.  The Ryder Scott reserve reports can be viewed on
Gulfsands' website at www.gulfsands.net.

Gulfsands' CEO, John Dorrier, said:

'The drilling program being undertaken in Block 26 holds great potential for the
Company.  The Tigris well is the first in a series of wells planned to be
drilled on a near continuous basis over the next 12 months on the Block.  The
Block 26 drilling program, in combination with the Company's development work on
the Misan Project in Iraq and the oil and gas production oriented programs in
the Gulf of Mexico uniquely position the Company for asset growth.'


Enquiries:

Gulfsands Petroleum (Houston)                                001-713-626-9564
John Dorrier, Chief Executive Officer
David DeCort, Chief Financial Officer

College Hill (London)                                        020-7457-2020
Nick Elwes
Paddy Blewer

Teather & Greenwood (London)                                 020-7426-9000
James Maxwell (Corporate Finance)
Tanya Clarke (Specialist Sales)


NB: This release has been approved by the Company's geological staff who include
Jason Oden, Gulfsands Exploration Manager who has a Bachelor of Science degree
in Geophysics with 22 years of experience in petroleum exploration and
management and is registered as a Professional Geophysicist, for the purpose of
the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock
Exchange in respect of AIM companies, which outlines standards of disclosure for
mineral projects.


Note to Editors

•    Gulf of Mexico, USA

The Company 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 32.4 BCFGE,
consisting of 19.8 BCFG and 2.1 MMBO as of 1 January 2006 with a net present
value of $183 million.  Additionally, there is a further 2.8 BCFGE of possible
recoverable reserves with a net present value of $15.8 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 Company completed the acquisition of 1,155 kilometres of 2D seismic and
anticipates drilling two wells during 2006.  The first well, known as Souedieh
North, commenced drilling in late April 2006 and was temporarily suspended in
June for further analysis.  The second well known as Tigris commenced drilling
in September 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.

Ryder Scott completed a reserves study on the Tigris structure in 2006 and these
reserves were classified as either oil or gas bearing until such time as the
Company drills and tests the Tigris structure.  As of 1 July 2006 Ryder Scott
determined that the Probable Reserves net to Gulfsands after applying the terms
of the Production Sharing Contract is 102 BCFG with a net present value
discounted at 10% of $233 million.  For primarily a natural gas accumulation, an
additional 75 BCFG of possible reserves net to Gulfsands were estimated to have
a 10% discounted net present value of $261 million.  Furthermore, the Company
completed its own economic evaluation on the Prospective Gas Resource and has
estimated that Prospective Gas Resource net to Gulfsands is 577 BCFG with a net
present value of approximately $1.06 billion.  In summary total gas reserves
potential net to Gulfsands among Probable and Possible Reserves for the natural
gas case is 177 BCFG (30 MMBOE) with a net present value of $494 million and
when combined with the Prospective Gas Resource it totals 754 BCFG (126 MMBOE)
with a net present value of approximately $1.55 billion.

For primarily an oil accumulation, Ryder Scott determined the Possible Reserves
net to Gulfsands after applying the terms of the Production Sharing Contract are
19.4 million barrels of oil having a net present value discounted at 10% of $452
million.  Furthermore, the Company completed its own economic evaluation on the
Prospective Oil Resource and has estimated that Prospective Oil Resource net to
Gulfsands is 50.9 MMBO with a net present value of approximately $1.51 billion.
In summary total oil reserves potential net to Gulfsands among Possible and
Prospective Oil Resource for the oil case is 70.3 MMBO with a net present value
of approximately $1.96 billion.

•    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 83% owned subsidiary company
Darcy Energy LLC.  As of 1 January 2006, Darcy Energy owned interests in two oil
and gas fields onshore Texas, USA (Emily Hawes and Barb Mag) with proved and
probable recoverable reserves of 1.6 BCFGE, consisting of 1.2 BCFG and 58,000
barrels of oil with a net present value of $9.5 million.  Additionally, there is
a further 2.2 BCFGE of possible recoverable reserves with a net present value of
$7.9 million.


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