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Gulfsands Petroleum (LON:GPX.L) report: Preliminary approach
March 19, 2010, Friday, 09:31 GMT | 05:31 EST | 15:01 IST | 17:31 SGT
By Daniel Stewart & Co
- Gulfsands Petroleum which has its primary assets in Syria (Block 26) and producing c. 10,250b/d received a preliminary approach yesterday
- The FT reports that the bid values the company at more than ?400m and is expected to reject the approach today
- Gulfsands has an opportunity to expand operations in Syria based on adjacent fields producing >100,000b/d, local infrastructure is in place, and good list or prospects and leads
- Working interest reserves are 1P 22mmBOE; 2P 40mmBOE
- Target production for 2011 is 15,000b/d
- The suitor is unknown but Sinochem is a 50% holder of Block 26
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