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Gulfsands

February 2011

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.

  • Epic Code:
  • GPX
  • Price:
  • 369p
Plenty of news from Gulfsands, including the long awaited disposal of three non-core Gulf of Mexico properties for US$4.2m, which also releases it from future abandonment liabilities, allowing the return of a further US$5.6m cash held in escrow. Separately, Gulfsands has announced mixed results from two exploration wells with Zahraa 1 proving a duster (net cost: US$1.3m), while Twaiba 1 (net cost: US$1m), located 7 km from the main Khurbet East field, has struck oil and preliminary results are better than its pre-drill estimates for reserves of 9m barrels. Gufsands is now moving on to drill the Sidi Daher exploration prospect in Tunisia.Gulfsands' investment case still centres on the growth prospects for production and rese ...

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