Immediate Release 21 May 2009
Gulfsands Petroleum plc
DIRECTORS' SHARE DEALINGS
London 21st May 2009: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq
and the U.S.A., announces that it was advised yesterday by Mr. Mahdi
Sajjad and Mr Andrew Rose, both directors of the Company, of the
Nordman Continental S.A., a company owned by a discretionary trust of
which the children of Mr. Sajjad, are potential beneficiaries, has
sold over the course of 19th and 20th May 2009, a total of 1,050,000
Gulfsands shares at an average price per share of approximately 178.4
pence. As a result of these transactions, Nordman Continental SA now
owns 8,158,268 Gulfsands shares.
Wickham Holdings, a company owned by a discretionary trust of which
certain of Mr. Sajjad's relatives are potential beneficiaries, has
sold over the course of 19th and 20th May 2009, 333,333 Gulfsands
shares at an average price per share of 176.5 pence. Wickham
Holdings now owns 66,667 Gulfsands shares.
As Mr. Sajjad is deemed to be associated with Nordman Continental and
Wickham Holdings, the number of shares in which Mr. Sajjad is deemed
to have an interest is now 8,224,935 ordinary shares, representing
approximately 6.94 per cent. of the Company's issued share capital.
Mr Andrew Rose has acquired on 19 May 2009, 100,000 Gulfsands shares
at a price of 183 pence per share. As a result of these transactions,
Mr. Rose is deemed to have an interest in 400,000 ordinary shares
representing approximately 0.34 per cent of the Company's issued
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20 7434 6060
Ric Malcolm, Chief Executive Officer
Kenneth Judge, Director of Corporate Development +44 (0)7733 001 002
Buchanan Communications Limited (London) +44 (0)20 7466 5000
RBC Capital Markets (London) +44 (0)20 7653 4667
Gulfsands is listed on the AIM market of the London Stock Exchange.
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 currently producing approximately 11,000
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.
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
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