Appointment of CFO
Immediate
Release
8 May 2008
Gulfsands Petroleum plc
APPOINTMENT OF ANDREW ROSE AS CHIEF FINANCIAL OFFICER
London, 8th. May, 2008: Gulfsands Petroleum plc (AIM: GPX)
("Gulfsands", "the Group" or "the Company"), the oil and gas
production, exploration and development company with activities in
Syria, Iraq and the USA, is delighted to announce the appointment of
Mr. Andrew Rose as Chief Financial Officer and Director.
Andrew Benedict Rose, 51, was the former Chief Financial Officer of
Burren Energy ("Burren"), the UK independent oil and gas company
which was acquired by ENI S.p.A. ("ENI"), the Italian oil major, for
US$3.6 billion in January 2008. Mr. Rose, who holds a BSc in
Engineering from Cambridge University, joined Burren Energy as Chief
Financial Officer in 2001, when it was a private company. He was a
key Director in developing and building Burren from a small private
company, through to its listing on the London Stock Exchange in
December 2003 and into one of the UK's most successful mid tier
independent oil companies, culminating in its sale to ENI late last
year.
Mr. Rose spent the greater part of his early career in investment
banking, working in advisory, capital markets and structured finance
roles, and prior to joining Burren was head of Corporate Finance for
Eastern Europe, Middle East and Africa at Societe Generale.
It is expected that Mr Rose will begin to take up his
responsibilities from the beginning of June 2008 and will join the
Company on a full-time basis on 1 August.
Mr. Rose has been granted 1,000,000 options to subscribe for ordinary
shares in the Company as part of his overall compensation package.
The options are all exercisable at 175 pence per share and will vest
in three tranches, being 500,000 on the date of his appointment and
250,000 on each of the first and second anniversaries of his
appointment.
Further information concerning Mr. Rose as required to be disclosed
pursuant to Schedule Two, paragraph (g) (i) to (viii) of the AIM
Rules is to be found at the end of this announcement.
Gulfsands' Chairman, Andrew West, said:
"The appointment of Andrew Rose as CFO and Director marks a milestone
in the continued development of Gulfsands into a leading independent
oil and gas company. Andrew brings to us an exceptional track record
as a successful oil and gas company CFO and has outstanding
credentials in the City of London. The Board is delighted to welcome
Andrew and we very much look forward to working with him".
Further information concerning Mr. Rose
Current Directorships
None
Previous directorships in the last 5 years
Burren Energy Plc
Burren Energy (Egypt) Ltd
Burren Energy (Services) Ltd
Burren Energy India Ltd
Burren Energy (Yemen) Ltd
Burren Energy Drilling Services Ltd
Burren Energy (Oman) Ltd
Burren Energy New Ventures Ltd
Burren Energy (Trinidad) Ltd
Burren Energy (652A) Ltd
Icarus Investments Ltd (family investment company)
There are no further details for Mr Rose required to be disclosed
pursuant to Schedule Two, paragraph (g) (i) to (viii) of the AIM
Rules.
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002
Buchanan Communications Limited (London) +44 (0)20-7466-5000
Bobby Morse
Nick Melson
RBC Capital Markets (London) +44 (0)20-7653 4804
Andrew K. Smith
Sarah Wharry
ABOUT GULFSANDS:
Gulfsands is listed on AIM.
Syria
Gulfsands owns a 50% working interest and is operator of Block 26 in
North East Syria. Block 26 covers approximately 8,250 square
kilometres and encompasses existing fields which currently produce
over 100,000 barrels of oil per day. These fields are operated mainly
by the Syria Petroleum Company. In the first half of 2007 Gulfsands
announced an oil and gas discovery on Block 26 called Khurbet East.
This discovery is currently under development with first production
targeted for the fourth quarter of 2008. On 23 August 2007, the
Company initiated the first extension period of exploration on Block
26 for a further period of three years. The Company has also formed
a strategic partnership with Cham Holding for acquiring oil and gas
projects in Syria and Iraq.
Iraq
Gulfsands signed a Memorandum of Understanding in January 2005 with
the Ministry of Oil in Iraq for the Maysan Gas Project in Southern
Iraq and following completion of a feasibility study on the project
is negotiating details of definitive contract for this regionally
important development. The project will gather, process and transmit
natural gas that is currently a waste by-product of oil production
and as a result of the present practice of gas flaring, contributes
to significant environmental damage in the region.
Gulf of Mexico, USA
The Company owns interests in 48 offshore blocks comprising
approximately 168,000 gross acres which includes numerous producing
oil and gas fields offshore Texas and Louisiana with proved and
probable recoverable reserves net to Gulfsands at 31 December 2007 of
41.5 BCFGE (6.9 MMBOE), consisting of 27.3 BCFG and 2.36 MMBO.
Onshore USA
Gulfsands owns interests in two oil and gas fields onshore Texas, USA
(98.5% working interest in Emily Hawes Field and 37.5% working
interest in Barb Mag Field) with proved and probable recoverable
reserves net to Gulfsands at 31 December 2007 of 3.1 BCFGE (0.5
MMBOE), consisting of 2.8 BCFG and 57,000 barrels of oil.
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities legislation.
These forward-looking statements are based on certain assumptions
made by Gulfsands and as such are not a guarantee of future
performance. Actual results could differ materially from those
expressed or implied in such forward-looking statements due to
factors such as general economic and market conditions, increased
costs of production or a decline in oil and gas prices. Gulfsands is
under no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by applicable laws.
More information can be found on the Company's website
www.gulfsands.net.
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