Holding(s) in Company
(Thomson Reuters ONE) - Immediate Release 25(th) January 2010 GULFSANDS PETROLEUM PLC ("the Company") Notification of Major Interests in SharesThe Company was notified on 22(nd) January 2010, by Schroders plc thatfollowing an in specie transfer of shares on 21(st) January, 2010, SchrodersInvestment Management Limited ("SIML") is now the holder of 25,901,311shares representing 21.54% of the Company's issued share capital and hasvoting rights over 19,194,925 shares representing 15.96% of the total issuedand voting share capital of the Company.For more information please contact: Gulfsands Petroleum (London) +44 (0)20 7434 6060 Richard Malcolm, Chief Executive Officer Kenneth Judge, Director of Corporate Development & +44 (0)7733 001 002 Communications 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 EalesABOUT GULFSANDS:Gulfsands is listed on the AIM market of the London Stock Exchange.SyriaGulfsands owns a 50% working interest and is operator of Block 26 in North EastSyria. The Khurbet East oil field was discovered in June 2007 and commencedcommercial production within 13 months of the discovery. This field is producingat an average gross production rate of approximately 17,300 barrels of oil perday through an early production facility. Block 26 covers approximately 8,250square kilometres and encompasses existing fields which currently produce over100,000 barrels of oil per day, and are operated mainly by the Syrian PetroleumCompany. The current exploration license expires in August 2010 and isextendable for a further two years. Gulfsands' working interest 2P reserves inSyria at 31 December 2008 were 35.2 mmbbls.IraqGulfsands signed a Memorandum of Understanding in January 2005 with the Ministryof Oil in Iraq for the Maysan Gas Project in Southern Iraq, following completionof a feasibility study on the project, and is negotiating details of adefinitive contract for this regionally important development. The project willgather, process and transmit natural gas that is currently a waste by-product ofoil production and as a result of the present practice of gas flaring,contributes to significant environmental damage in the region. The Company isactively engaged in discussions with respect to financing and potential equitypartners. Gulfsands has no reserves in Iraq.Gulf of Mexico, USAThe Company owns interests in 44 blocks comprising approximately 138,000 grossacres offshore Texas and Louisiana, which include 30 producing oil and gasfields with proved and probable working interest reserves at 31 December 2008 of5.1 mmboe.Certain statements included herein constitute "forward-looking statements"within the meaning of applicable securities legislation. These forward-lookingstatements are based on certain assumptions made by Gulfsands and as such arenot a guarantee of future performance. Actual results could differ materiallyfrom those expressed or implied in such forward-looking statements due tofactors such as general economic and market conditions, increased costs ofproduction or a decline in oil and gas prices. Gulfsands is under no obligationto update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required by applicable laws.More information can be found on the Company's website www.gulfsands.com[HUG#1376651]
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Datum: 25.01.2010 - 10:03 Uhr
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News-ID 11427
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