Gulfsands:
April 03, 2012
Audited Results for the year ended 31 December 2011
London, 3 April, 2012: 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 2011.
HIGHLIGHTS
Financial
Profit after tax up by 23% to $55.1 million (2010: $44.7 million)
Cash from operating activities up by 34% to $94.3 million (2010: $70.2 million)
Further part-disposal of US business realising aggregate cash of $11.0 million
Free cash balances at year-end of $124.2 million (2010: $80.6 million)
Operations
Group working interest production down by 17% to 8,542 boepd (2010: 10,308 boepd)
Group 2P working interest reserves up by 34% to 76.3 mmboe (2010: 56.9 mmboe) of which 74.5 mmboe (2010: 53.6 mmboe) relates to its PSC in Syria
Group 2C risked contingent resources of 13.0 mmboe
Six exploration wells drilled in Block 26, Syria resulting in three discoveries
Potentially commercial onshore oil discovery in Tunisia
2012 Objectives
Maintain presence in Syria
Consolidate position in Tunisia
Build another viable non-Syrian business
Weitere Infos und Quelle:
www.gulfsands.com/s/NewsReleases.asp?ReportID=516487