Gulfsands Provided Operational Updates in Morocoo

Source: www.gulfoilandgas.com 6/26/2014, Location: Africa

AIM-listed Gulfsands Petroleum, the oil and gas production, exploration and Development Company with activities in Syria, Morocco, Colombia, Tunisia and the U.S.A., has provided a statement in advance of the Company's Annual General Meeting to be held at 10.00am in London.

Introduction:
Since the declaration of force majeure in respect of our Syrian operations on 11th December 2011, over two and a half years have passed since the Company has been in receipt of any significant revenue. During this period, the Board and Senior Management have pursued two overriding priorities and have at all times sought to ensure that shareholders have been consulted and kept properly informed.

In Morocco, we have now assembled a substantial, contiguous and operated exploration play of high quality and very considerable prospectivity in which the Company has a preponderant equity position.

In little more than a year we have shot 650 kms of 2D seismic over the Fes Block and have shot and substantially interpreted 220 kms of 3D seismic in the Rharb Block. We have drilled three commitment wells in the Rharb Block and are in the process of drilling a fourth, based on the newly acquired seismic data. The Company has also recently been awarded the very promising Moulay Bouchta Licence block.

All of the Company's recent exploration activity has added greatly to our knowledge and understanding of the hydrocarbon basins in which we are operating and has also established our credentials and credibility with the oil ministry and the state oil company. The Company is now poised to undertake serious exploration activity across the totality of its Moroccan permits, for oil as well as for gas.

The decision to make Morocco the principal focus of our diversification was taken after an exhaustive evaluation of a large and geographically diverse range of opportunities. The stability of the country; the attractive fiscal regime; the ability to re-deploy some of our key Syrian technical personnel; the prospectivity of the acreage; and, the relatively low cost of entry by normal industry standards, were all key factors. To date, the Board has no reason to doubt the soundness of that decision and we are optimistic about the prospectivity of our portfolio to deliver real value for our shareholders.

For more information about related Opportunities and Key Players visit North Africa Projects


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