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Gulfsands Petroleum Information
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Don't have an account? Click here to register.Gulfsands looking beyond Syria
Tue, 03rd Apr 2012 10:17
Oil and gas producer Gulfsands Petroleum is looking to build a presence in a new country as it waits for the mess in Syria to clear up."Our objectives for 2012 are to consolidate our position in Tunisia and build a viable non-Syrian leg to the business within the capacity of the group's financial resources," revealed Chief Executive Officer, Richard Malcolm.The company, which has substantial interests in the crisis-torn country, posted a leap in post-tax profits in 2011 despite being forced to declare force majeure on its site in Syria as a result of sanctions imposed on Syria by the European Union. Despite the Syrian problems having a "significant" effect on the group's financial statements, net profit rose 23% to $55.1m from $44.7m, while cash from operating activities rose 34% to $94.3m from $70.2m. At the end of the year free cash balances were $124.2m compared to $80.6m. However, group working interest production was down by 17% to 8,542 barrels of oil equivalent per day (boepd) compared to 10,308 boepd in 2010.During the period the firm drilled six exploration wells on Block 26 in Syria, which resulted in three discoveries. Group probable working interest reserves were up by 34% to 76.3m barrels of oil equivalent (mmboe) compared to 56.9 mmboe in 2010. Speaking of the force majeure declaration (a common clause in contracts that basically frees both parties from liability or obligation when an extraordinary event beyond the control of the parties occurs) the company's Chairman, Andrew West, said: "We have since that date ceased to be involved in production or exploration activities, one key consequence of which is that currently and for the foreseeable future we can expect to receive no revenue from our principal asset."West also emphasised that the company is maintaining what it called a balanced approach to a "bewilderingly complicated and constantly evolving situation" in order to preserve its position in Syria for when sanctions are eventually lifted. The share price fell 3.08% to 149.25p.NR
More News
21 Mar 2018 09:51
Gulfsands Petroleum Shares Drop As It Plans To De-List From AIM
LONDON (Alliance News) - Gulfsands Petroleum PLC shares plunged on Wednesday as the firm said it plans to become a private company, and has secured funding through to 2020 to
Read more16 Feb 2017 08:20
Gulfsands funded to 2018 with new £4m facility
(ShareCast News) - Syria, Tunisia, Colombia and Morocco-focussed oil and gas company Gulfsands Petroleum announced on Thursday that it finalised a secured term facility of up to £4m with its major shareholders. The AIM-traded firm confirmed the lenders as Waterford Finance & Investment, Blake Holdin
Read more15 Feb 2017 16:07
Gulfsands secures extension to Moulay Bouchta agreement
(ShareCast News) - Syria, Tunisia, Colombia and Morocco-focussed oil and gas company Gulfsands Petroleum announced on Wednesday that its subsidiary, Gulfsands Petroleum Morocco, had been awarded an extension to its Moulay Bouchta Petroleum Agreement, together with a revised work programme. The AIM-t
Read more19 Oct 2016 11:33
Gulfsands Petroleum agrees farm-out from Colombian block
(ShareCast News) - Gulfsands Petroleum has agreed a farm-out agreement for one of its two Colombian projects with Canada's Samarium Tennessine. Samarium will take a 70% interest in the Putumayo-14 Exploration and Production of Hydrocarbons project (PUT-14) contract and fund all the exploration and o
Read more16 Aug 2016 10:28
Debt-free Gulfsands Petroleum maintains interest in Syria
(ShareCast News) - Oil and gas explorer Gulfsands Petroleum said it was debt free at the half-year stage, as it maintained its interest in Syria and continued to streamline its operations in a bid to reduce its rate of 'cash-burn'. On 14 January the company was admitted to AIM and over 354m shares w
Read more28 Apr 2016 15:00
3 Apr 2016 16:33
Sunday newspaper round-up: Interest rates, Tata, Premier Foods, G4S, Centrica
(ShareCast News) - The Bank of England will hold interest rates at their current historic low for three more years, according to the market's current predictions. Judging by the overnight deposit rates that banks are charged to hold their cash at the central bank, which indicates market predictions
Read more20 Mar 2016 16:56
Sunday newspaper round-up: Rolls-Royce, Whitbread, Britvic, LSE
(ShareCast News) - Rolls-Royce has put forward detailed proposals to the government to fill some of the UK's power shortage with a fleet of small reactors built around the company's expertise in generating power for Royal Navy submarines. With the escalating costs and timing of the £18bn Hinkley Poi
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