Update on Private Placement

Immediate release 7 May 2008

 
 
                       Gulfsands Petroleum plc
                     Update on Private Placement
London, 7 May 2008: Further to the announcement of 29 April 2008,
Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" -
AIM: GPX), the oil and gas production, exploration and development
company with activities in the U.S.A., Syria and Iraq is pleased to
announce that the Company has received £9.35 million from the private
placement of 5.5 million ordinary shares of 5.714p each in the
Company ("Ordinary Shares") with affiliated investment funds of Och
Ziff Capital Management Group, at £1.70 per new Ordinary Share.

The new Ordinary Shares will rank pari passu with the existing
Ordinary Shares of the Company and have been allotted and issued
credited as fully paid.

Application has been made for the new Ordinary Shares to be admitted
to trading on AIM and dealings are expected to commence today.

Following the issue and allotment of the new ordinary shares the
issued share capital of the Company is 116,678,750 Ordinary Shares.
For more information please contact:
 

Gulfsands Petroleum (London)                     [phone]
Kenneth Judge, Director of Corporate Development [phone]
                                                  
Buchanan Communications Limited (London)         [phone]
Bobby Morse                                       
Nick Melson                                       
                                                  
RBC Capital Markets (London)                     [phone]
Andrew K. Smith                                   
Sarah Wharry
 

 

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