RE: Isis being obliterated in Syria4 Dec 2015 02:05
Gulfsands Petroleum
It is not possible to be positive about Gulfsands (GPX), who remain firmly on the blacklist at the moment.
While I was away, the company announced that ONHYM had declined the company's request for a two year extension on the Rharb agreement and, what is more, is seeking a forfeit of the $1 million guarantee, imposing a penalty of $7.5 million.
It doesnt end there, as GPX are carrying a value of $29.3 million in the books for this asset which will have to be impaired at the year end.
Unless there is something in the portfolio that I don't know about - and this announcement makes me worried about other commitments the company has in Morocco - I can see no reason the own the shares.