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Future Plans
In October 2007, the Directors of Gulfsands announced the establishment of an important strategic partnership with Cham Holding, which is well recognized as one of Syria's most important business groups.
The strategic partnership is to be established in the form of a venture company owned 65% by Cham Holding and 35% by Gulfsands (the Strategic Partnership) with each party responsible for only their proportionate share of funding. The intention of the Strategic Partnership will be to pursue the acquisition of several high-value energy projects in Syria and potentially Iraq (the Projects). The directors of Gulfsands and Cham Holding have been working together for some time in pursuing the acquisition of interests in the Projects and matters have now reached a stage where it was considered appropriate to formally establish the Strategic Partnership in order to be in a position to participate in any potential Project through the Strategic Partnership.
Maturing Middle East Strategy
In light of the Company's recent exploration success at Khurbet East in Syria and the establishment of the Strategic Partnership, the Company will seek to build upon these important milestones with an expansion of its activities in the Middle East.
Gulfsands' focus in the region will be on acquiring development or re-development projects with existing production infrastructure and proven oil and gas reserves, and on further exploitation and exploration projects with high potential upside, but lower technical risk. Gulfsands will concentrate on forming further strong working relationships with host governments and with local business interests in a similar manner to the Strategic Partnership formed with Cham Holding.
The Company's identified opportunities in the Middle East for the short and long term includes:
1. Securing early development and production of the Khurbet East discovery;
2. Expanding the Company's exploration efforts in Syria Block 26 during the period of the recently announced first extension of the Production Sharing Contract during the next 3 years;
3. Acquiring development projects in Syria, several of which have already been identified by the Strategic Partnership;
4. Finalizing formal contracts for the development of the Maysan gas gathering and processing project in southern Iraq;
5. Acquiring exploration and development rights in Kurdistan and upstream field development rights elsewhere in Iraq; and
6. Acquiring Syrian and Iraqi cross-border oil and gas development opportunities which are expected to become available in the near-term following formal Parliamentary approval of the new Oil and Gas Law in Iraq.