Gulfsands Petroleum Syria Sanctions Update

abarrelfullabarrelfull wrote on 05 Dec 2011 12:42
Tags: gulfsands syria upstream

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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., wish to provide the following update on the European Union's ("EU") recent announcement of additional sanctions in relation to Syria.

On 2nd December 2011, the EU's Official Journal carried the announcement of a decision of the EU Council made on 1 December 2011 in relation to additional sanctions against Syria. Among the new measures included in that decision are the prohibition on the supply of key equipment and technology to the oil and gas industry in Syria and the addition of General Petroleum Corporation ("GPC") of Syria to the list of proscribed organisations. GPC is the Syrian government's principal holding company for investments in the oil and gas sector and coordinates oil and gas production, distribution and sales.

As a result of GPC being added to the list of proscribed organisations, Gulfsands, along with other EU related operators in Syria, is reviewing the manner in which it interacts with GPC and the implications of these new sanctions for the Company's present and planned production activities and its contractual obligations to GPC and the Syrian government.

Once an understanding has been reached on the implications of the new sanctions measures on the Company's business in Syria, the Company will make a further announcement.

Gulfsands has no debt and holds substantial cash balances with which to continue its exploration and other corporate activities and as of 30th November these cash balances were in excess of US$120 million, providing the Company with the financial resources with which to pursue its business activities for the foreseeable future.

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