Notification of Major Interests in Shares
(Thomson Reuters ONE) - Immediate Release 27 November 2009GULFSANDS PETROLEUM PLC ("the Company")Notification of Major Interests in SharesThe Company was notified by Mr John Dorrier on 27th November 2009that, following a sale of shares on 25th November 2009, Mr Dorrier isnow interested in 4,245,288 shares representing 3.53% of theCompany's issued share capital.For more information please contact:Gulfsands Petroleum (London) +44(0)20 7434 6060Richard Malcolm, Chief Executive OfficerKenneth Judge, Director of Corporate Development +44 (0)7733 001002& CommunicationsBuchanan Communications Limited (London) +44 (0)207466 5000Bobby MorseBen RomneyRBC Capital Markets (London) +44(0)20 7653 4667Sarah WharryABOUT 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 inNorth East Syria. The Khurbet East oil field was discovered in June2007 and commenced commercial production within 13 months of thediscovery. This field is producing at an average production rate ofapproximately 17,000 barrels of oil per day through an earlyproduction facility. Block 26 covers approximately 8,250 squarekilometres and encompasses existing fields which currently produceover 100,000 barrels of oil per day, and are operated mainly by theSyrian Petroleum Company. The current exploration license expires inAugust 2010 and is extendable for a further two years. Gulfsands'working interest 2P reserves in Syria at 31 December 2008 were 35.2mmbbls.IraqGulfsands signed a Memorandum of Understanding in January 2005 withthe Ministry of Oil in Iraq for the Maysan Gas Project in SouthernIraq, following completion of a feasibility study on the project, andis negotiating details of a definitive contract for this regionallyimportant development. The project will gather, process and transmitnatural gas that is currently a waste by-product of oil productionand as a result of the present practice of gas flaring, contributesto significant environmental damage in the region. The Company isactively engaged in discussions with respect to financing andpotential equity partners. Gulfsands has no reserves in Iraq.Gulf of Mexico, USAThe Company owns interests in 44 blocks comprising approximately138,000 gross acres offshore Texas and Louisiana, which include 30producing oil and gas fields with proved and probable workinginterest reserves at 31 December 2008 of 5.1 mmboe.Certain statements included herein constitute "forward-lookingstatements" within the meaning of applicable securities legislation.These forward-looking statements are based on certain assumptionsmade by Gulfsands and as such are not a guarantee of futureperformance. Actual results could differ materially from thoseexpressed or implied in such forward-looking statements due tofactors such as general economic and market conditions, increasedcosts of production or a decline in oil and gas prices. Gulfsands isunder no obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise, except as required by applicable laws.More information can be found on the Company's websitewww.gulfsands.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.11.2009 - 12:08 Uhr
Sprache: Deutsch
News-ID 8950
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