Gulfsands Petroleum Plc today announced half yearly financial and operational update.
HIGHLIGHTS
Operations
- Average Group working interest production 10,923 boepd vs. 9,689 boepd in H1 2010
- Syrian working interest production in August averaged 12,050 bopd vs. 10,300 bopd in January
- 4 exploration wells drilled in Syria with 2 discoveries
- 2 development wells successfully drilled : KHE-19H produced a record 5,516 bopd on test
Financial
- Revenue up by 53% to $78.6 million (H1 2010: $51.4 million)
- Profit after tax up by 87% to $31.2 million (H1 2010: $16.7 million)
- Net Cash from Operating Activities up by 103% to $56.6 million (H1 2010: $27.9 million)
- Third tranche of US assets sold post 30 June realising $10.7 million
- Net free cash at 30 June of $123.1 million (31 Dec 2010 : $80.6 million)
Outlook
- 3 more exploration wells to be drilled before year-end : 2 in Syria and 1 in Tunisia (underway)
- Gulfsands pre-qualified to participate in upcoming bid round for 12 exploration blocks in Iraq
- Uncertainty exists as to the production outlook for the remainder of the year as the Syrian government adapts to the sanctions imposed by the US and EU
Please visit here for a detailed financial report for the half year ending 30 June 2011.
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