Souedieh North Well

Gulfsands Petroleum PLC
24 May 2006

24 May 2006


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


Preliminary Results from Souedieh North Well in 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 drilled the Souedieh North well in
Block 26, Syria to a total depth of 7,298 feet.  While drilling, the well
encountered a series of live oil and gas shows in both the primary and the
secondary reservoir objectives and wireline electric logs analysis indicates oil
bearing pay within this well.  Gulfsands is the operator and 50% working
interest owner in Block 26.


Live oil and gas shows were encountered while drilling through the secondary
objective Tertiary-age reservoirs.  Electric wireline logs have been run in the
Tertiary reservoir section of the well and independent log analysis indicates
some 61 feet of potential net oil pay over a gross interval of 142 feet.
Acquisition of additional information is required to determine the potential
significance of this zone.


Live oil and gas shows were also encountered while drilling through the primary
objective Cretaceous-age reservoirs.  The Company is currently preparing to
obtain wireline log data over the Cretaceous reservoir section in the well after
setting an intermediate string of casing over the Tertiary section to maintain
wellbore stability.


Further results from the well should be forthcoming within the next few weeks.


Gulfsands' CEO, John Dorrier, said:


'Initial results of the Souedieh North-1 well are very encouraging.  We expect
further electric logging and testing of the well during the next several weeks
to confirm the well is a commercial oil discovery.'


Enquiries:

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

College Hill (London)                                        020-7457-2020
Ben Brewerton

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


NB: This release has been approved by 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.  Mr. Oden of Gulfsands and also Peter Hitchens on behalf of
Teather & Greenwood Limited, the Company's Nominated Advisor, have consented to
the inclusion of the material in the form and context in which it appears.


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 kilometers of 2D seismic and
anticipates drilling two wells during 2006.  The first well, known as Souedieh
North, commenced drilling in late April 2006.  The second well known as Tigris
is scheduled to spud 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 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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