Updates

Gulfsands

November 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.

The recent weakness in Gulfsands’ share price can be explained by its latest interim results, for the six months ended 30 June, which showed a decline in pretax profit from US$2.5m to $1.5m, purely due to the damage inflicted by last year’s hurricanes on its Gulf of Mexico assets. The infrastructure damage resulted in a hit to profits from repair costs and subsequently higher insurance costs as well as a decline in its production from 2,800 barrels oil equivalent per day (boepd) to 2,076 boepd. However, there have been no further batterings this year, which has allowed the group to return to those pre-hurricane production levels with the months of June and August seeing profits hitting a new record. While its Gulf of ...

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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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