Change of Nominated Advisor
London, [13th February], 2008 - Gulfsands Petroleum plc ("Gulfsands",
the "Group" or the "Company" - AIM: GPX) is pleased to announce that
it has appointed, with immediate effect, RBC Capital Markets as its
Nominated Adviser and Broker under the AIM Rules. Landsbanki will
continue its relationship with the Company as Co- Broker.
ABOUT GULFSANDS:
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 appraisal with development to
commence in 2008 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 54 offshore blocks comprising
approximately 193,000 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 2006 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 2006 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.
For further information, please refer to the Company's website
www.gulfsands.net or contact:
Gulfsands Petroleum (Houston) + 1-713-626-9564
John Dorrier, Chief Executive Officer
David DeCort, Chief Financial Officer
Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002
Gulfsands Petroleum (Syria) +963-9-8888-7788
Mahdi Sajjad, President
Buchanan Communications Limited (London) +44 (0)20-7466-5000
Bobby Morse
Ben Willey
RBC Capital Markets (London) +44 (0)20-7029 7882
Andrew K. Smith
Sarah Wharry
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