Statement re recent share price movement

Immediate Release   18 March 2010



                            Gulfsands Petroleum plc
                    Statement re recent share price movement

The  board of directors (the "Board") of Gulfsands Petroluem plc ("Gulfsands" or
"the  Company")  notes  the  recent  movement  in  the Company's share price and
confirms that it has received a preliminary approach that may or may not lead to
an offer for Gulfsands.

In  relation to this announcement, shareholders are advised to take no action in
relation to their shareholdings in the Company.

A further announcement will be made as and when appropriate.


Information required by Rule 2.10

In  accordance  with  Rule  2.10 of  the  City  Code  on  Takeovers and Mergers,
Gulfsands confirms that it currently has in issue 121,042,500 ordinary shares of
5.714 pence  each. The  International Securities  Identification Number  for the
ordinary shares is GB00B06VGC01.


For more information please contact:


 Gulfsands Petroleum (London)                               [phone]

 Richard Malcolm, Chief Executive Officer
 Kenneth Judge, Director of Corporate Development &         [phone]
 Communications



 Buchanan Communications Limited (London)                   [phone]

 Bobby Morse
 Ben Romney



 RBC Capital Markets (London)                               [phone]

 Josh Critchley
 Tim Chapman
 Matthew Coakes
 Martin Eales





Dealing Disclosure Requirements

Under  the provisions  of Rule  8.3 of the  Takeover Code  (the "Code"),  if any
person  is, or becomes,  "interested" (directly or  indirectly) in 1% or more of
any class of "relevant securities" of Gulfsands, all "dealings" in any "relevant
securities" of that company (including by means of an option in respect of, or a
derivative  referenced  to,  any  such  "relevant  securities") must be publicly
disclosed  by no later than  3.30 p.m. (London time) on  the London business day
following  the date of the relevant  transaction. This requirement will continue
until  the date on which the offer  becomes, or is declared, unconditional as to
acceptances,  lapses or  is otherwise  withdrawn or  on which the "offer period"
otherwise  ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an "interest" in "relevant
securities"  of Gulfsands,  they will  be deemed  to be  a single person for the
purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Gulfsands by the potential offeror or by Gulfsands, or by any of
their respective "associates", must be disclosed by no later than 12.00 noon
(London time) on the London business day following the date of the relevant
transaction.

A  disclosure  table,  giving  details  of  the  companies  in  whose  "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue,    can    be    found    on    the    Takeover    Panel's    website   at
www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the
Panel's  website. If you are in any doubt  as to whether or not you are required
to disclose a "dealing" under Rule 8, you should consult the Panel.



[HUG#1395373]