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Gulfsands

April 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Gulfsands has announced an updated independent review of its US properties, which concluded that it had proved and probable reserves of 5.4m barrels of oil equivalent (61% gas and 39% oil) as of 1 January 2006. Adjusting for last year’s break-up of Northstar Gulfsands, this represents a 6% improvement since mid-2005. Meanwhile, the review also estimated that the pre-tax net present value of these reserves is US$193m, of which US$183m comes from the Gulf of Mexico and the remainder from a smaller American subsidiary, Darcy Energy. This is encouraging, although the greater excitement will come from its interests in Syria, the climax being the August drilling of its high impact Tigris structure, which is est ...

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Gulfsands

April 2006

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