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Gulfsands Drops After Syrian Well Fails to Find Viable Oil

June 2 (Bloomberg) -- Gulfsands Petroleum Plc fell the most in more than two years after saying it suspended work at an exploration well in Syria, which failed to find commercial quantities of oil.

Gulfsands slumped 30.25 pence, or 11 percent, to 234.75 pence in London. That was the biggest intraday drop since Oct. 15, 2008.

Works were halted at the Abu Ghazal-1 after testing showed “sub-commercial quantities of heavy oil,” the company said today in a statement.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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