Immediate
Release 30
September 2009
GULFSANDS PETROLEUM PLC ("the Company")
Notification of Major Interests in Shares
The Company was notified by Mr John Dorrier on 29th September 2009
that, following a sale of shares on 25th September 2009, Mr Dorrier
is now interested in 6,876,367 shares representing 5.72% of the
Company's issued share capital.
Further, the Company was informed on 29th September 2009, by Mr David
DeCort that, following a sale of shares on 25th September, 2009 Mr
DeCort no longer holds a notifiable interest in the issued and voting
share capital of the Company.
For more information please contact:
Gulfsands Petroleum (London)
+44 (0)20 7434 6060
Richard Malcolm, Chief Executive Officer
Kenneth Judge, Director of Corporate Development +44 (0)7733 001
002
& Communications
Buchanan Communications Limited (London)
+44 (0)20 7466 5000
Bobby Morse
Ben Romney
RBC Capital Markets (London) +44
(0)20 7653 4667
Sarah Wharry
ABOUT GULFSANDS:
Gulfsands is listed on the AIM market of the London Stock Exchange.
Syria
Gulfsands owns a 50% working interest and is operator of Block 26 in
North East Syria. The Khurbet East oil field was discovered in June
2007 and commenced commercial production within 13 months of the
discovery. This field is producing at an average production rate of
approximately 16,400 barrels of oil per day through an early
production facility. Block 26 covers approximately 8,250 square
kilometres and encompasses existing fields which currently produce
over 100,000 barrels of oil per day, and are operated mainly by the
Syrian Petroleum Company. The current exploration license expires in
August 2010 and is extendable for a further two years. Gulfsands'
working interest 2P reserves in Syria at 31 December 2008 were 35.2
mmbbls.
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, following completion of a feasibility study on the project, and
is negotiating details of a 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. The Company is
actively engaged in discussions with respect to financing and
potential equity partners. Gulfsands has no reserves in Iraq.
Gulf of Mexico, USA
The Company owns interests in 44 blocks comprising approximately
138,000 gross acres offshore Texas and Louisiana, which include 30
producing oil and gas fields with proved and probable working
interest reserves at 31 December 2008 of 5.1 mmboe.
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.com
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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