The 2023 Annual Report

@Gulfsands is pleased to present its Annual Report and Accounts for the year ended 31^st December 2023. 

2023 was a year during which Gulfsands made substantive strategic progress towards its goal of re-establishing itself as a dynamic, MENA centric, growth-oriented energy company.

Financially, Gulfsands is now debt-free following the conversion of the entire amount outstanding under the 2017 Secured Financing Facility. This clean balance sheet now gives the Company a solid platform to push ahead with our growth plans in the region.  Gulfsands’ ambition is to create a multi-billion-dollar asset portfolio through the acquisition of operated and non-operated interests in the MENA region.

In terms of business development, activity has increased significantly following the establishment of our MENA dedicated subsidiary, Gulfsands Middle East Limited (“#GMEL”), in the @Abu Dhabi Global Market (“ADGM”). Our dedicated team, with their unique regional knowledge and breadth of experience across a broad range of disciplines, is now focussed on identifying and executing on transactions that will bring value and stability to Gulfsands’ shareholders.  We have also sought to strengthen Gulfsands’ profile and visibility within the region, and the industry, to be recognised as a credible partner of choice.

Syria, and our world class Block 26 assets, remain central to our strategy.  We were delighted to have completed a Competent Persons Report (“CPR”) during the year which confirmed a 50% increase in 2C Contingent Resources, the vast majority of which we expect to be reclassified as 2P reserves as soon as we are able to return to operations. This only goes to re-enforce the quality of these Syrian assets.

In order to expedite a return to operations for the benefit of all, not least the Syrian people who have now suffered over 13 years of crisis, we continue to promote and advocate for “Project Hope”, a Humanitarian and Economic Stimulus initiative whereby international energy companies would return, with international oversight, to operations in North-East Syria with allocated revenues used to finance early recovery, humanitarian, economic and security projects across the country – for the benefit of all Syrian people.

We extend our gratitude to our shareholders, stakeholders, and dedicated team for their unwavering support and commitment. We look forward to continued success and growth in the upcoming year as we strive to achieve our strategic objectives and create long-term value for all our stakeholders.

Please click here to read our full report.