Gulfsands Petroleum puts back preliminary results by 1 day to 30 March

In a brief note, Gulfsands Petroleum (AIM:  GPX) informed investors that it would now release its preliminary results for the year to end-December 2009 on Tuesday 30 March 2010, rather than 29 March as previously announced.

Earlier this week, Edison Investment Research upgraded its RENAV (risked exploration net asset value) for the group to 301p from 263p, reflecting higher near-term oil price assumptions and de-risking of the Yousefieh field and the inclusion of five exploration prospects in the risked valuation.

Proven and probable reserves attributable to Gulfsands at 31 December 2008 were 28.7 million barrels of oil working interest and 10.9mmbbl entitlement. The oilfield developer has assets in Syria, Iraq and the United States.

Since the end of the period, Gulfsands has been making considerable progress in advancing the development of its middle-eastern projects. Last week, Gulfsands’ Khurbet East Field reached a significant production milestone, with 7 million barrels of cumulative oil production now complete. The oilfields average daily gross oil production continues at approximately 17,000 barrels oil per day (bopd), with minimal water production or pressure depletion to date.

Development of the Khurbet East Field continues as the Early Production Facility continues to yield positive production rates. In January, the Khurbet East (KHE)-14 delineation well at its Block 26 in Syria intersected an oil column and flowed at 613 barrels of oil per day, indicating a deeper field oil-down-to (ODT) depth.

http://www.proactiveinvestors.co.uk/companies/news/13808/gulfsands-petroleum-puts-back-preliminary-results-by-1-day-to-30-march-13808.html