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Gulfsands Petroleum

16:51 on 24/11/2017

Current Price 5.90p | Bid 5.75p | Ask 6.00p | Change 0.00%

Company Overview

Gulfsands Petroleum plc is an independent oil and gas exploration, development and production group based in Houston, Texas. It 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 in July 2008 only 13 months after the discovery. A second field discovery, the Yousefieh field, was brought on-stream in April 2010. Prior to the introduction of European Union sanctions on Syria, these fields were producing at an average combined production in excess of 24,000 barrels of oil per day. As a consequence of the introduction of additional EU sanctions on Syria's oil and gas sector, on 11th December, 2011, the Company issued a notice of 'force majeure' in respect of its oil production activities on Block 26 and has ceased to have an active participation in those oil production activities, while remaining entitled to receive a share of the revenues generated from oil produced from these fields if production continues under the supervision of the Syrian government's General Petroleum Corporation. Updates on Block 26 oil production activities will be the subject of separate news releases. Block 26 covers approximately 5,414 km2 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 2012. Gulfsands' working interest 2P reserves in Syria at 31 December 2010 were 53.6 mmbbls. In Tunisia, Gulfsands is acquiring working interest positions in two exploration permits in Tunisia (Chorbane and Kerkouane Permits) and one exploration permit in Southern Italy (G.R15.PU) from ADX Energy Ltd the operator of all three permits. The Company's interest in these permits remains subject to the completion of the Company's farm obligations and various approvals from the governments of Tunisia and Italy. In 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. In the Gulf of Mexico USA, the Company owns interests in 30 leases offshore Texas and Louisiana, which include 20 producing oil and gas fields with proved and probable working interest reserves at 31 December 2010 of 3.2 mmboe (figures adjusted for the disposal of non-core properties in December 2010).

Stock Details

EPIC GPX
ISIN GB00B06VGC01
Shares in Issue 472,723,441
Market cap £ 14.18m
Sector Oil & Gas Producers
Indices FTSE AIM All-Share Index

Financial Highlights Year Ended 31/12/2015

Turnover $0.00 million
Operating Profit $-67.63 million
Dividend Yield 0.00
Dividend Per Share 0.00
Dividend Cover 0.00
P/E Ratio -0.05
» More Financials

Key Personnel

Richard Malcolm CEO

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Price Summary

Mid Price ? 5.88p
Bid Price ? 5.75p
Ask Price ? 6.00p
Volume ? 100797
Change Today 0.00p
% Change Today 0.00%
Open 5.90p
Previous Close 5.88p
Intraday High 5.90p
Intraday Low 5.90p
52 Week High 10.63p
52 Week Low 2.63p

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Broker Consensus

The above information represents a selection of the views and target prices published in the last 120 days by analysts in individual stocks. It is subject to change without notice and may not necessarily be the view held by Redmayne-Bentley.

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