29 Jan 2010 15:01
| Immediate Release | 29th January 2010 |
Gulfsands Petroleum plc ("the Company")
Directors Options Exercised
London, 29th January 2010: 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 has today issued 800,000 new ordinary shares following the exercise of options by certain of the Directors of the Company. The total number of shares in issue following exercise of these options is 121,042,500 ordinary shares
Ric Malcolm, Chief Executive Officer has exercised options in respect of 150,000 shares at a price of £1.86 per share and as a result now has an interest in 150,000 shares representing approximately 0.12% of the Company's issued share capital.
Andrew Rose, Chief Financial Officer has exercised options in respect of 200,000 shares at a price of £1.75 per share and as a result now has an interest in 600,000 shares representing approximately 0.50% of the Company's issued share capital.
Nordman Continental S.A., a company owned by a discretionary trust of which the children of Mr. Mahdi Sajjad, a Director of the Company, are potential beneficiaries, has exercised options in respect of 450,000 shares at a price of £1.30 per share and as a result, Mr. Sajjad now has an interest in 8,655,268 shares representing approximately 7.2% of the Company's issued share capital.
The shares in which Mr. Sajjad is deemed to have an interest also include shares held by Wickham Holdings, a discretionary trust in which relatives of Mr. Sajjad are potential beneficiaries.
Application has been made for these shares to be admitted to trading on AIM, with Admission expected to occur on 4th February, 2010.
For more information please contact:
| Gulfsands Petroleum (London) | +44 (0)20 7434 6060 |
| Richard Malcolm, Chief Executive Officer Kenneth Judge, Director of Corporate Development & Communications | +44 (0)7733 001 002 |
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| Buchanan Communications Limited (London) | +44 (0)20 7466 5000 |
| Bobby Morse Ben Romney | |
| RBC Capital Markets (London) | +44 (0)20 7653 4000 |
| Josh Critchley Matthew Coakes Brett Jacobs Martin Eales |
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 gross production rate of approximately 17,300 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