Notification Of Major Interests in Shares

For Immediate Release 14 May 2008



                       Gulfsands Petroleum Ltd


TR - 1: NOTIFICATION OF MAJOR INTERESTS IN SHARES




1.             Identity of the issuer or the underlying issuer of
existing shares to which voting rights  are attached:       Gulfsands
Petroleum Ltd


2.         Reason for the notification:


         Acquisition or disposal of voting rights


3.         Full name of person(s) subject to the notification
obligation: Hugh Sloane


4.         Full name of shareholder(s) (if different from 3.)



5.         Date of the transaction and date on which the threshold is
crossed or reached: 12
           May 2008


6.         Date on which issuer notified: 13 May 2008


7.         Threshold(s) that is/are crossed or reached: 4.10%



8.         Notified details:


A: Voting rights attached to shares



+-------------------------------------------------------------------------------------------+
|Class/type of   |Situation previous to|Resulting situation after the triggering transaction|
|shares          |the Triggering       |                                                    |
|if possible     |transaction          |                                                    |
|using the ISIN  |---------------------+----------------------------------------------------|
|CODE            |Number of |Number of |Number of |Number of voting    |% of voting rights  |
|                |Shares    |Voting    |shares    |rights              |                    |
|                |          |Rights    |----------+--------------------+--------------------|
|                |          |          |Direct    |Direct    |Indirect |Direct   |Indirect  |
|----------------+----------+----------+----------+----------+---------+---------+----------|
|                |4,713,173 |4,713,173 |4,863,173 |4,863,173 |         |4.17%    |          |
+-------------------------------------------------------------------------------------------+



B: Financial Instruments



Resulting situation after the triggering transaction
Type of    Expiration Exercise/   Number of voting rights that % of
financial  date       Conversion  may be acquired if the       voting
instrument            Period/Date instrument is exercised/     rights
                                  converted.




Total (A+B)



Number of voting rights % of voting rights
4,863,173               4.17%


9.       Chain of controlled undertakings through which the voting
rights and/or the financial instruments are effectively held, if
applicable


Proxy Voting:

10.       Name of the proxy holder:


11.       Number of voting rights proxy holder will cease to hold:


12.       Date on which proxy holder will cease to hold voting
rights:


13.       Additional information


14.       Contact name:

15.       Contact telephone number:

For further information, please contact:


Hugh Sloane
[phone]

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