Transaction in own shares (4693P)
October 04 2011 - 2:00AM
UK Regulatory
TIDMGPX
RNS Number : 4693P
Gulfsands Petroleum PLC
04 October 2011
For immediate release 4 October 2011
GULFSANDS PETROLEUM PLC
Transaction in own shares
On 03 October 2011, Gulfsands Petroleum plc ("Gulfsands" or the
"Company" - AIM: GPX) purchased 50,000 of its own ordinary shares
of 5.1742865 pence each at an average price of 187.48 pence per
share, which will be held as treasury shares.
Following the repurchase, the Company has a total of 121,989,500
ordinary shares in issue, of which 1,144,831 are held as treasury
shares.
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20 7434
6060
Richard Malcolm, Chief Executive Officer
Andrew Rose, Chief Financial Officer
Kenneth Judge, Director: Corporate Development
& Communications
Buchanan (London) +44 (0)20 7466
5000
Bobby Morse
Ben Romney
RBC Capital Markets (London) +44 (0)20 7653
4000
Josh Critchley
Tim Chapman
Matthew Coakes
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 24,000 barrels of oil per day
through early production facilities. A second field discovery, the
Yousefieh field, was brought on-stream in April 2010, and is
currently producing approximately 2,600 barrels of oil per day.
Block 26 covers approximately 5,414 km(2) 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 2012. Gulfsands'
working interest 2P reserves in Syria at 31 December 2010 were 53.6
mmbbls.
Tunisia
Gulfsands has acquired or is acquiring working interest
positions in two exploration permits in Tunisia (Chorbane and
Kerkouane Permits) and one exploration permit in Southern Italy
(G.R15.PU) from ADX Energy Ltd the operator of all three permits.
The Company's interest in the Chorbane permit remains subject to
the completion of the Company's farm-in obligations and the
Company's interest in each of these permits remains subject to
final approvals from the governments of Tunisia and Italy.
Kerkouane Permit - Offshore Tunisia
G.R15.PU Permit (Pantelleria Permit) - Offshore Italy
G.R15.PU, is located offshore the island of Pantelleria
southwest of Sicily in Italian waters and the Kerkouane Permit is
located offshore northeast Tunisia. The two permits are contiguous
and comprise a total area of approximately 4,500 km(2) .
The operator has identified multiple leads and targets on these
permits. Drilling operations were recently completed at the
Lambouka-1 well in late 2010 where gas was encountered in the Abiod
Formation. However, as a result of down-hole problems, no fluid
samples or gas flow were established. The well was suspended with
the intention of re-entering at a later date and drilling and
testing the reservoir in a sidetrack hole, up-dip of the existing
discovery.
Gulfsands has completed its earn-in commitments with respect to
the Kerkouane and Pantelleria Permits with the drilling of the
Lambouka-1 well. Gulfsands has earned a 30% working interest in
both permits by paying approximately 35% of the cost the Lambouka-1
well and reimbursing the operator for a portion of various
pre-drill costs that include a recently completed 3D seismic
programme.
Chorbane Permit - Onshore Tunisia
The Chorbane permit is located in central Tunisia and covers an
area of 2,428 km(2) . The permit is surrounded by several producing
oil fields and extensive oil & gas infrastructure. Gulfsands'
forward work commitment for the Chorbane permit includes the
drilling of one exploration well for which Gulfsands will pay 80%
of the first $5 million in drilling costs, and 40% of the drilling
costs in excess of $5 million, so as to earn a 40% interest in the
permit.
A number of prospects and leads have been identified within the
permit, the most prospective being a large tilted horst block
("Sidi Daher") where the operator has identified multiple potential
targets estimated to hold recoverable mean un-risked prospective
resources of 175 billion cubic feet of gas ("bcfg") and 44 million
barrels of oil from Tertiary and Cretaceous aged reservoirs. The
Sidi Daher exploration well is anticipated to be drilled during the
third quarter of 2011.
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. Gulfsands has no reserves in Iraq.
Gulf of Mexico, USA
The Company owns interests in 30 leases offshore Texas and
Louisiana, which include 20 producing oil and gas fields with
proved and probable working interest reserves at 31 December 2010
of 3.2 mmboe (figures adjusted for the disposal of non-core
properties in December 2010).
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
POSLLFFRISLVIIL
Gulfsands Petroleum (LSE:GPX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gulfsands Petroleum (LSE:GPX)
Historical Stock Chart
From Sep 2023 to Sep 2024