Gulfsands Petroleum - Home Page

Gulfsands Petroleum plc, a company incorporated in the United Kingdom, is an independent oil and gas production, exploration and development company. Gulfsands has exploration and development projects in the Syrian Arab Republic and exploration and exploitation projects in the USA (offshore Gulf of Mexico and onshore Gulf Coast) and has signed a Memorandum of Understanding relating to a large project in Iraq.

Ordinary shares of the Company trade on the Alternative Investment Market ("AIM") of the London Stock Exchange under the symbol GPX.

In the Syrian Arab Republic, Gulfsands owns a 50% working interest in Block 26 and is the operator. The block covers approximately 8,250 square kilometres and encompasses existing fields which currently produce over 100,000 barrels of oil per day. These fields are operated by third parties including the Syrian Petroleum Company. In the first half of 2007 Gulfsands announced an oil and gas discovery on Block 26 called Khurbet East. This discovery is currently under appraisal with development to commence in 2008 with first production targeted for the fourth quarter of 2008. The Company initiated the first extension period of exploration on Block 26 for a further period of three years commencing on 23 August 2007. The Company has also formed a strategic partnership with Cham Holding for acquiring oil and gas projects in Syria and Iraq.

In the USA Gulf of Mexico, Gulfsands owns interests in 48 offshore blocks comprising approximately 168,000 gross acres which includes numerous producing oil and gas fields offshore Texas and Louisiana with proved and probable recoverable reserves of 41.5 BCFGE (6.9 MMBOE), consisting of 27.3 BCFG and 2.36 MMBO as of 31 December 2006. In addition, the Company has 2.1 BCFGE of possible recoverable reserves in the Gulf of Mexico.

Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Misan Gas Project in Southern Iraq and following a completion of a feasibility study on the project, is currently 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 also in discussions regarding oil and gas exploration and developments projects within Iraq.

Gulfsands operates onshore in the USA through its 100% wholly owned subsidiary company, Darcy Energy LLC, which owns interests in two oil and gas fields onshore Texas, USA (Emily Hawes and Barb Mag) with proved and probable recoverable reserves at 31 December 2006 of 3.1 BCFGE, consisting of 2.8 BCFG and 57,000 BO. Additionally, these fields contain a further 4.7 BCFGE of possible recoverable reserves.