Updates

Gulfsands - 17% growth in 2P reserves

May 2011

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Although political disturbances in Syria, where Gulfsands' main oil producing assets are based, have had absolutely no effect on its operations, investors have virtually ignored the excellent final results. Revenues rose 37% to US$115m, pretax profit increased 58% to US$44.7m and eps was up 44% to 40.8 cents. Net cash (excluding abandonment liabilities) rose to US$80.6m and is currently US$100m.Growth came partly through average prices rising from US$57 per barrel to almost US$75 and a 42% increase in average net production to 9,644 barrels per day, mostly from its 50% working interest in the Khurbet East and Yousefieh oil fields in Syria. As we had predicted there was a useful 17% increase in proven and probable reserves to 53.6m ...

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Gulfsands (July 2011)

Gulfsands - Over-reaction to dry well (March 2011)

Gulfsands (February 2011)

Gulfsands - Syrian oil discovery significantly larger than first thought (January 2011)

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Gulfsands - Bidders likely to return with knockout offer above Â£4 a share (June 2010)

Gulfsands (March 2007)

Gulfsands (November 2006)

Gulfsands (July 2006)

Gulfsands (April 2006)

Gulfsands - Syrian assets could yield huge oil & gas discoveries this year (March 2006)

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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