Gulfsands Petroleum PLC

Management Reports • Nov 17, 2022

National Storage Mechanism | Additional information

RNS Number : 6956G

Gulfsands Petroleum PLC

17 November 2022

17 November 2022

GULFSANDS PETROLEUM PLC

Gulfsands Opens Abu Dhabi Office

Gulfsands Petroleum plc ("Gulfsands" or the "Company"), the UK Public Limited Company with interests in the Middle East and North Africa ("MENA") region, is pleased to announce the opening of its new Middle Eastern Business Hub in the United Arab Emirates, based in the international financial centre, Abu Dhabi Global Market ("ADGM").  

As part of its expanded profile, Gulfsands is also establishing a MENA-dedicated subsidiary, Gulfsands Middle East Limited ("GMEL").  GMEL's focus will be on increasing Gulfsands' presence in the region as part of its goal to become a major MENA-centric energy company.

Gulfsands' Abu Dhabi office will be led by Mr. Mark Cutis. Mr. Cutis has extensive regional commercial experience having been an active member of the Abu Dhabi business community for 14 years, formerly as Chief Investment Officer for Global Special Situations at the Abu Dhabi Investment Council ("ADIC").  He was also Group CFO and Chief Adviser at Abu Dhabi National Oil Company ("ADNOC"), as well as, more recently, Chief Executive at ADGM.

One of Gulfsands' objectives of establishing itself in Abu Dhabi is the aspiration to contribute meaningfully to the regional political discussion surrounding Syria.  Gulfsands hopes that its physical presence in the region will help it to structure and target its Syrian initiatives appropriately, taking into account the views of local stakeholders and, in doing so, galvanise regional support for such initiatives.

Gulfsands remains committed to supporting work by the international community to deliver a long-term solution to the situation in Syria, where its world class asset, Block 26, remains in force majeure.  Gulfsands is eager to work with all stakeholders, including those regional neighbours closely affected by the ongoing conflict, to try to find a way whereby Syria's energy resources can be used as a catalyst to bring relief to all Syrian people, after more than 11 years of devastating conflict. 

Having recently eliminated all legacy liabilities arising from prior oil and gas ventures, most notably in Colombia, Gulfsands is also looking to capitalise on its local presence in Abu Dhabi to step up business development activities in the MENA region. 

Mr. John Bell, Gulfsands Managing Director, and also Director of GMEL, commented "We are very excited to be finally establishing a presence in the Gulf which has been a long sought-after objective of the Group.  We are delighted to welcome Mark on board as we press ahead with business development across the region, as well as our initiatives that will hopefully allow us to restart our operations in Syria, for the benefit of all Syrians. 

With respect to Syria, we remain committed to compliance with all relevant sanctions and continue to support and uphold international protocols such as UNSCR 2254.  We also believe that a regionally led initiative to harness the power of Syria's natural resource endowment for the good of all the Syrian people is a viable way forward for Syria.  Our newly established presence in Abu Dhabi demonstrates our commitment to ensuring engagement with regional stakeholders to help navigate this complex multi-tiered political and humanitarian landscape."

For further information, please refer to the Company's website at www.gulfsands.com  or contact:

Gulfsands Petroleum Plc	+44 (0)20 3929 9476
Michael Kroupeev, Non-Executive Chairman John Bell, Managing Director Andrew Morris, Finance Director
Gulfsands Middle East Limited	+971 2 694 8631
Mark Cutis, Deputy Chairman Rodolfo Rustria, Chief Administrative Officer

Certain statements included herein constitute "forward-looking statements" concerning the Company within the meaning of applicable securities legislation. These forward-looking statements are based on certain assumptions made by Gulfsands and as such are not a guarantee of future performance. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Gulfsands' ability to control or estimate precisely, such as general economic and market conditions in various countries and regions, political risks, environmental and physical risks, legislative, fiscal and regulatory developments, drilling and production results, reserves estimates, changes in demand for Gulfsands' products, increased costs of production or price fluctuations in crude oil and natural gas. Gulfsands cannot give any assurance that such forward-looking statements will prove to be correct. Gulfsands does not undertake any obligation to update or revise publicly any forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.

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