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Last 23.25 GBp
Change Today 0.00 / 0.00%
Volume 100.5K
As of 11:35 AM 04/1/15 All times are local (Market data is delayed by at least 15 minutes).

gulfsands petroleum plc (GPX) Snapshot

Open
23.25 GBp
Previous Close
23.25 GBp
Day High
23.25 GBp
Day Low
22.00 GBp
52 Week High
05/23/14 - 71.00 GBp
52 Week Low
12/11/14 - 21.13 GBp
Market Cap
27.4M
Average Volume 10 Days
93.2K
EPS TTM
-0.20 GBp
Shares Outstanding
117.9M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for GULFSANDS PETROLEUM PLC (GPX)

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gulfsands petroleum plc (GPX) 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 (GPX) Top Compensated Officers

Founder, Chief Executive Officer, President a...
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 (GPX) Key Developments

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.

Gulfsands Petroleum plc Provides Update on Drilling Activities in Morocco

Gulfsands Petroleum plc provided the following update on drilling activities in Morocco. Drilling operations on the Douar Ouled Balkhair 1 gas exploration well ("DOB-1") located within the Rharb Centre Permit in Northern Morocco have now concluded with the DOB-1 well being confirmed as a gas discovery. During testing of this discovery, gas flowed to surface during the well's clean up flow period at rates in excess of 10 million standard cubic feet per day ("mmscfpd). DOB-1 has now been suspended as a future gas production well. The DOB-1 well is the third well to be drilled on the Rharb Centre permit based on the company's interpretation of 3D seismic survey data acquired by Gulfsands on the permit area in the second half of 2013. The first two wells to be drilled on this permit were also successful in finding gas and flowing it to surface, at wells LTU-1 and DRC-1. The DOB-1 well was drilled to a Total Depth ("TD") of 1140 metres Measured Depth ("MD") and encountered the primary reservoir target interval on prognosis at a depth of approximately 808 metres MD. Significantly elevated gas readings obtained while drilling, as well as interpretation of geological samples and wire line logs, indicated the presence of a gas bearing sandstone reservoir section of excellent quality. Detailed petrophysical evaluation of wireline logs over the primary target yielded an interpretation indicating a 4.2 metres gross sand thickness, with a net sand thickness of 3.7 metres and evaluated average gas saturation of 70% and average porosity of 34%. The DOB-1 well was cemented and perforated over the primary reservoir interval, completed and then subjected to a flow testing and pressure survey period for evaluation of well flow performance and connected gas volumes. During initial clean up flow operations over this reservoir, the well produced natural gas at an estimated rate in excess of 10 million standard cubic feet per day ("mmscfpd") on a 48/64th inch choke setting. During subsequent multi-rate flow testing, a stable flow of 6.2 mmscfpd was established for a period of 4 hours on a 32/64th inch choke setting, with a final wellhead flowing pressure of 1084 psi. No formation water was detected in the gas production stream during testing operations. The secondary reservoir target interval for the well was encountered at a depth of approximately 1075 metres MD. Significantly elevated gas readings were encountered over the interval 1075-1127 metres MD. However, after the completion of wire line logging operations, mechanical problems with well bore integrity above this interval prevented further access to or production testing of this deeper potential reservoir. The Company is currently reviewing all available data in order to determine the optimal path for further exploration of this reservoir section, which may include a re-deepening of this well at a later date post production of the shallower gas zone, potentially employing in this future operation a modified and strengthened well design. Drilling and well testing operations for DOB-1 were completed on plan and on budget. Upon completion of operations the Company plans to suspend drilling operations whilst a detailed technical assessment is conducted over the DOB-1 and DRC-1 gas discoveries that will include the identification of potential locations for further drilling in the near vicinity of these discoveries.

 

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