Audited Results for the year ended 31 December 2010

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 Gulfsands Petroleum plc (“Gulfsands”, the “Group” or the “Company” – AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq, Tunisia, Italy and the U.S.A., announces its annual results for the twelve months ended 31 December 2010



  • Revenues up by 37% to $115.6 million (2009¹: $84.4 million)
  • Profit after tax up by 58% to $44.7 million (2009¹: $28.3 million)
  • Cash from operating activities up by 61% to $70.2 million (2009¹: $43.5 million)
  • Signed contract for part-disposal of US business realising aggregate cash of $10.9 million²
  • Free cash balances at year-end of $80.6 million³


  • Group working interest production up by 39% to 10,308 boepd (2009: 7,393 boepd)
  • Group 2P working interest reserves (ex-US) up by 17% to 53.6 mmbbls (2009: 46.0 mmbbls)
  • Pipeline of 24,000 bopd capacity installed at Khurbet East to replace trucking operation
  • Contract for construction of 50,000 bfpd central production facility awarded to Saipem
  • Five exploration and six development wells drilled in Block 26, Syria
  • Potential offshore gas discovery in Tunisia


  • Farm in to Kerkouane and Chorbane blocks in Tunisia
  • Acceleration of new business development activity


  • Up to twelve well exploration campaign in Syria in period to August 2012
  • Study to commercialise offshore gas resources in Tunisia
  • Exploration drilling of Sidi Dhaher well in Chorbane block, onshore Tunisia
  • Completion of disposal of US business

1 : 2009 figures restated
2 : $9.8 million received after year-end
3 : excludes restricted cash balances of $15.2 million (2009: $12.0 million)

Ric Malcolm, Chief Executive, commented

“2010 was an excellent year for the Group with production and reserves growth meeting expectations and in so doing, adding significant value for our shareholders. 2011 has the potential to be a rewarding year with an active exploration and development programme.”

The full text of the 2010 Annual Report, incorporating the 2010 Audited Financial Statements, is available in pdf form on the Company’s website and may be found by clicking here.

A webcast of the presentation to analysts on the 2010 results has been pre-recorded and is also available on the Company’s website, and may be found by clicking here. The management of the Company will hold a conference call for the benefit of analysts comprising a question and answer session on the 2010 results 9 am this morning.

The Company will also be hosting a presentation for analysts at 4.30 pm this afternoon at the London City Club, 19 Old Broad Street, London, EC2N 1DS on the Company’s forthcoming exploration and development programme.

For more information please contact:

Gulfsands Petroleum (London) +44 (0)20 7434 6060
Richard Malcolm, Chief Executive Officer
Andrew Rose, Chief Financial Officer
Kenneth Judge, Director: Corporate Development & Communications
Buchanan Communications Limited (London) +44 (0)20 7466 5000
Bobby Morse
Ben Romney
Chris McMahon
RBC Capital Markets (London) +44 (0)20 7653 4000
Matthew Coakes
Martin Eales

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