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Gulfsands

July 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.

  • Epic Code:
  • GPX
  • Price:
  • 108p
Shares in oil & gas explorer and producer Gulfsands have been extraordinarily volatile in recent weeks, touching a high of 196p before crashing to 108p. These gyrations had nothing to do with its final results, which showed a solid 36% increase in pretax profit before exceptional charges to US$4.8m, reflecting growth in production from its Gulf of Mexico assets, in spite of the hurricane disruptions. Net cash stands at US$36.5m. The share price volatility instead reflected initial raucous confidence by Gulfsands in the discovery of hydrocarbons at its first exploration well on Block 26 in Syria, followed by the deflating news that the prospect was unlikely to prove commercial. The company blamed this failure on the fact that t ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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