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Last $0.36 USD
Change Today 0.00 / 0.00%
Volume 0.0
GFPOF On Other Exchanges
As of 4:30 PM 12/23/14 All times are local (Market data is delayed by at least 15 minutes).

gulfsands petroleum plc (GFPOF) Snapshot

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52 Week High
05/23/14 - $1.15
52 Week Low
12/12/14 - $0.35
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gulfsands petroleum plc (GFPOF) Details

Gulfsands Petroleum plc, an independent oil and gas exploration and production company, is engaged in the exploration, development, and production of oil and gas primarily in the Middle East, North Africa, and the Republic of Colombia. It has exploration projects in Morocco, and onshore and offshore Tunisia; two operated interests in exploration licenses in Colombia; and a non-operated portfolio of producing oil and gas properties in the United States. The company was founded in 1997 and is headquartered in London, the United Kingdom.

57 Employees
Last Reported Date: 05/31/14
Founded in 1997

gulfsands petroleum plc (GFPOF) Top Compensated Officers

Founder and Executive Director
Total Annual Compensation: $788.0K
Director of Finance & Administration and Exec...
Total Annual Compensation: $97.0K
Compensation as of Fiscal Year 2013.

gulfsands petroleum plc (GFPOF) Key Developments

Gulfsands Petroleum plc Announces Management Changes

Gulfsands Petroleum plc appointed Mr. Alastair John Beardsall to be Executive Chairman of the company, with immediate effect. Mr. Mahdi Sajjad has been removed from his role as the company's Chief Executive, as permitted by the company's Articles of Association. Mr. Sajjad remains a Director of the company. Mr. Beardsall has been involved in the oil industry for over 35 years. He is currently Chairman of Sterling Energy Plc and was previously Chairman of Emerald Energy Plc. Mr. Andrew West has agreed to remain as a Non-executive Director.

Gulfsands Petroleum plc Provides Update on Drilling Activities in Morocco

Gulfsands Petroleum plc provided the following update on the Group's current activities and other corporate matters. Morocco: The Group is obliged to drill an additional three wells on the Rharb Centre licence in order to meet minimum work obligations associated with that licence, which expires in November 2015 following multiple extensions. The Company believes that its commitment to completion of the minimum work obligations will put it in a position to discuss with ONHYM both: the licence extensions to permit the long term exploitation of any gas discoveries made before November 2015 and a further exploration period so as to permit additional exploration on those areas of the existing Rharb licence as may be retained by the Group with the permission of ONHYM and the Oil Ministry. The Company is also engaged in discussions with ONHYM over the timing of completing various exploration activities on its portfolio of licences such as will secure ONHYM's agreement to an extension of the term of the Fes licence beyond September 2015 when that licence would otherwise expire. The outstanding commitments on Fes include the acquisition of 350km of seismic data and the drilling of three wells. While there are a number of challenging issues to be addressed in the discussions with ONHYM, the Group is in dialogue with ONHYM to secure a suitable extension to the Fes licence and a further announcement of the outcome of these discussions will be made in due course. The work commitment on the Moulay Bouchta licence includes the acquisition of 500km of seismic data. However the licence term extends to June 2016. Failure to complete work commitments to the satisfaction of ONHYM will put the licences and the significant investment in those licences at risk of total loss. Monetisation of Rharb Centre Gas Discoveries: The immediate focus of the Group's activities in Morocco is upon bringing the three discoveries made at LTU-1, DRC-1 and DOB-1 into production to generate revenues from local gas sales as soon as possible. The current expectation is that the LTU-1 well can be brought onto production in the second quarter 2015, with production from the DOB-1 well anticipated to follow early in the third quarter. The DRC-1 discovery is also planned to be brought onto production as soon as possible. Following discussions with ONHYM it has been agreed that one of the three wells to be drilled prior to 15 November should be drilled in the vicinity of the DRC-1 well to target an adjacent structure. Assuming the successful drilling of DRC-2 in the second quarter and the timely finalisation of gas transport and sales arrangements, it is anticipated that gas production from the DRC discovery should commence early in the 4th quarter of this year. The achievement of the time lines associated with these activities will remain dependent upon a number of factors including the continued availability of funding, the completion of the pipe line tie-backs, the drilling of the DRC-2 well and the finalisation of discussions with ONHYM over gas sales arrangements. These factors are not under the Company's sole control.

Gulfsands Petroleum To Divest Interests In Tunisia And Colombia; Seeks Funding

Gulfsands Petroleum plc (AIM:GPX) plans to divest interests in Tunisia and Colombia and is seeking fundng from shareholders. The company stated that it would need access to about $15 million of new capital to fund its planned operational activities for the next 12 months and intended to sell or farm-down its interests in Tunisia and Colombia.


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