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Oil Barrel Conference London Andrew Rose : Chief Financial Officer. AIM: GPX. 12 February 2009. Gulfsands Today. New Management team in place, Group HQ moved to London WI Production currently ~ 6,000 boepd Net cash flow positive at current oil prices

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slide1

Oil Barrel Conference

London

Andrew Rose : Chief Financial Officer

AIM: GPX

12 February 2009

gulfsands today
Gulfsands Today
  • New Management team in place, Group HQ moved to London
  • WI Production currently ~ 6,000 boepd
    • Net cash flow positive at current oil prices
  • Significant asset in Syria with 2 discoveries (one in production, one in appraisal)
    • further exploration potential : large 3D seismic programme under way
  • Major strategic opportunity in Iraq
    • Maysan project is first step in wider strategy
  • 2P Reserves :18 mmboe, 3P : 31 mmboe (net entitlement, end 2007)
    • New Reserves audit to be completed in March
  • Strong balance sheet
    • Cash of $35M*, no debt

*(@31.12.08, excluding blocked cash to back P&A liabilities)

New Team, New Energy, New Focus

management team
Management Team

EXECUTIVE

  • Ric Malcolm, CEO (joined Oct 08)
    • Geologist : ex OMV, Mobil, Ampolex (Australian E&P), Woodside
  • Mahdi Sajjad, President
    • Founder of GPX : long experience in Middle East energy & mining
  • Andrew Rose, CFO (joined Aug 08)
    • Investment Banker : ex CFO of Burren Energy
  • Ken Judge, Director Corporate Development
    • Lawyer : background in energy & mining, director of several listed co’s

NON-EXECUTIVE

  • Andrew West, Chairman
    • Investment Banker : Long advisory experience in oil & gas sector
  • David Cowan, Non-exec Director
    • Lawyer : natural resources and Middle East experience
strategy
Strategy
  • Maximise potential in Syria :
    • Capture Block 26 upside before Aug 2012 deadline
    • New projects : capitalise on strong local relationships
  • Build significant business in Iraq
    • Maysan project is a means to an end
    • Limit corporate capital commitment and risk exposure
  • Concentrate on organic growth in near term
    • Acquisitions only if compelling justification exists
    • Retain Middle East focus
  • Maintain strong balance sheet and cash flow headroom
    • Preserve “optionality”

Vision : Become a Middle East partner of choice

syria oil production
Syria : Oil Production

Source : BP Statistical Review of World Energy 2008

Proved Oil Reserves 2.5 billion barrels (end 2007)

syria oil gas infrastructure
Syria : Oil/Gas Infrastructure

Block 26

(Gulfsands Op.)

Oudeh, Tishrine and Sheikh Sulaiman PSA’s

(Tanganyika, recently sold to Sinopec)

Euphrates Graben

(Shell and Total have had operations in the area since the 1980’s)

Palmyrides

(PetroCanada and INA have each announced gas developments)

block 26 fields pipelines
Block 26 : Fields, Pipelines
  • Neighbouring fields : > 130,000bopd
  • Export Pipeline runs through KHE field
  • GPX has rights below existing fields
  • PSC : cost recovery pool = entire block
  • 25 year term + 10 year extension
khurbet east field
Khurbet East Field
  • Multi-zone hydrocarbon discovery with KHE-1 (June 07)
  • Development of Cretaceous “Massive” Reservoir approved in February 2008
  • First production achieved through Early Production Facility in July 2008
  • Additional hydrocarbon resources in deeper Triassic Butmah and Kurrachine Dolomite reservoirs(exploitation will require permanent facility installation)
khurbet east field production
Khurbet East Field : Production

Choke back KHE-2

Pressure testing

Pressure testing

5 wells on production (2 horizontal)

Cumulative gross oil production to 31 January - 1.80 mmbo. Forecast to reach 2.0 mmbo by ~20th February

khurbet east future plans
Khurbet East : Future plans
  • Increase EPF capacity to 18,000 bfpd (+ 50%)
    • Estimated timing Q3 2009
    • Drill 3 additional development wells in 2009 to support facility expansion
    • Untreated crude currently being trucked 33 km to SPC processing facilities
  • Drill north and south delineation/water disposal wells
    • North well (KHE-7) drilled outside of original field boundary (Jan 09)
      • Structurally higher than expected, reservoir quality lower than expected, low impact result
  • Full Field Development being prepared
    • Contracts expected to be awarded mid 2009
    • Commissioning expected end 2010
    • Previously targeting 30,000-40,000bfpd capacity, in review due to Yousefieh discovery
yousefieh discovery nov 08
Yousefieh Discovery (Nov 08)

Yousefieh-1 Composite Log

  • Yousefieh discovery well (Y-1) located ~ 3km from the Khurbet EPF
  • Appraisal well Y-2 (just drilled) to test the interpreted eastern limit of the Field
yousefieh follow up
Yousefieh Follow-up
  • Yousefieh discovery confirmed the presence of a new Cretaceous play type in the block
  • Further production tests on Y-1 & Y-2 planned, development options could include tie-in to Khurbet East EPF
  • Possible 3rd well late 2009?
  • Structural/stratigraphic traps such as Yousefieh ,as well as structural traps similar to Khurbet East, are the primary objectives of the current 640 sq km 3D seismic programme.
block 26 exploration
Block 26 : Exploration
  • 640 km² 3D seismic acquisition under way (processed data expressed Q3 09)
  • Will give > 1000 km² of contiguous 3D seismic data in the greater Khurbet East-Yousefieh area
  • Generate drilling prospects for 2010
  • Exploration period finally expires Aug 2012

Karatchok

Hamzeh

Oudeh

Souedieh

Existing Fields

KHE 3D (acquired in 2008)

2009 3D Programme (acquisition in progress)

Naour West 3D (Acquired in 2008, multiple leads identified)

slide16
Iraq
  • Active Gulfsands presence in Iraq since 2003
    • (Mahdi Sajjad is Iraqi)
  • Maysan gas capture project under negotiation for several years
    • Contract nearing signature
  • Ultimate goal is to secure equity interests in oil & gas field developments
    • Iraq ex-Kurdistan is primary focus
    • Interesting Iraq / Syria synergies (eg mid stream)
  • Keep Group risk and financial exposure to modest levels
    • Bring in external financing and partners
    • “Prime the pump” : maximise bang for buck
maysan gas project capturing flared gas
Maysan Gas Project: Capturing Flared Gas
  • Phase I :
  • Scope:
  • 150 MMscfd Gas Plant
  • 150 MW Power Plant
  • 9 De-Gassing Stations to tie in
  • 1 Compressor Station
  • Products:
  • Dry gas for Power Stations
  • LPG
  • Condensate
  • Sulfur (future)
maysan gas project cont d
Maysan Gas Project (cont’d)
  • Phase II

Extend gathering system to first “make-up” field

  • Phase III

Extend gathering system to additional fields

  • Phase IV

Install 2nd Gas Plant

LPG Line and Export Terminal

Expand Gathering System as required

maysan potential gas volumes
Maysan : Potential Gas Volumes

Phase I

Phase II

Phase III

Phase IV

iraq s oil and gas sector the opportunities
Iraq’s Oil and Gas Sector: the opportunities

Approx73 discovered fields

64Oil Fields, including:-

-10 Super giant Fields*

-12 Giant Fields**

-9 Very Large Fields***

9gas fields

Current status:-

  -Approx 23 producing fields

-more than 50 discovered but undeveloped fields

Proven Reserves:-

-Approx 115 billion barrels of oil

-3000 billion cubic meters of natural gas

* Greater than 5 billion barrels

** Between 1 billion and 5 billion barrels

*** Between 0.5 billion and 1 billion barrels

us gulf of mexico properties
US Gulf of Mexico : Properties

Houston

New Orleans

30 producing fields : shallow water “shelf” area

Working interests 2% to 53%, average tax/royalty burden ~22%

gulf of mexico production
Gulf of Mexico : Production

Oil & gas Working Interest Production

  • 2P Reserves : 6.8 MM boe*
    • 82% proved
    • 67% gas

* As at end 2007

  • Production badly affected by 2008 hurricanes : currently 950 boed (50% of prior level)
  • Anticipate returning to pre-hurricane levels in Q2 09
  • Largely mature assets with limited further upside
  • Strategy : selective investment to maintain value
summary
Summary
  • New management team, new focus
  • Clearly defined vision and strategy
  • Significant upside from existing assets
  • Strong Balance sheet and cash flow
  • Plenty of news flow in 2009

Destined to be One of the Survivors

disclaimer
Disclaimer

This presentation is designed to provide information about Gulfsands Petroleum plc and its business and operations. It is intended as general information only and is not to be relied upon for any particular purpose. In particular, no information contained in this presentation constitutes, or shall be deemed to constitute, an invitation to invest or otherwise deal in any securities of Gulfsands Petroleum plc. Although we endeavor to ensure that the content of this presentation is accurate and up-to-date, Gulfsands Petroleum plc gives no representation or warranty as to the accuracy or completeness of any information contained in this presentation.

history
History

Yousefieh Discovery

Watch this space

New Executive Management

Khurbet East First production

2009

Khurbet East development sanction

Khurbet East Discovery

2008

Block 26 drilling campaign commences

Partition of Northstar Gulfsands LLC

2007

Increase to 50% WI & Operator in Block 26 Syria

Company floated on LSE (AIM)

2006

Maysan Project (Iraq) MOU signed

2005

Large acquisition in GOM

Syria Block 26 PSC signed

Increasing focus on

Middle East

2004

First GOM acquisition

Northstar Gulfsands LLC created

2003

2002