Gulfsands Petroleum plc, the oil and gas production, exploration and development company with activities in the Middle East and the USA, announces the relocation of the Company's principal office and centre of operations to London and the resignations of John Dorrier and David DeCort as Chief Executive Officer and Chief Financial Officer respectively.
Relocation of principal office to London and prospective appointment of new senior executives
The Board has decided that, in light of the decisive shift of the Company's focus to the Middle East and in particular the increasing importance of its operations in Syria following the commercial discovery at Khurbet East in Block 26, the Company's principal office and centre of operations will relocate to London from Houston, Texas, with immediate effect.
In connection with the move, John Dorrier and David DeCort are resigning as Chief Executive Officer and Chief Financial Officer respectively.
The Board expects to be in a position to make further announcements concerning new London-based senior management shortly.
In the interim, pending such appointments, Andrew West, has undertaken to function as the Executive Chairman.
The Company's Houston and Damascus offices will both be retained along with its existing staff in both locations.
The Company's assets and operations in the United States and the Gulf of Mexico will continue to be managed out of the Houston office.
Resignations of Messrs. Dorrier and DeCort
John Dorrier is resigning from his position of Chief Executive Officer and as a Director with effect from 30 April 2008.
David DeCort is also resigning from his position as Chief Financial Officer and as a Director with effect from 30 April 2008.
Messrs. Dorrier and DeCort have each entered into a Settlement Agreement with the Company. Each has agreed to make himself available on a consultancy basis for a limited period as required to ensure a smooth management transition.
Gulfsands' Chairman, Andrew West, said:
"Following the recent commercial discovery at Khurbet East, the focus of the Company and the lion's share of its value has shifted decisively to the Middle East. Relocation of our principal office and centre of operations to London is crucial to continuing with the rapid development of our Syrian assets specifically and our Middle Eastern ambitions generally.
The success of Gulfsands to date would not have been possible without John Dorrier and David DeCort, who were founders of the Company and have played a pivotal role in building the business to where it is today. They can take pride in the legacy they are leaving behind them. On behalf of the Board I would like to thank John and David and wish them every future success. As major shareholders in their own right I know that they will continue to take a keen interest in the Company's affairs."