WTI (July) $74.22 -$2.77, Brent (August) $78.36 -$3.26, Diff -$4.14 -1c
USNG (July) $2.76 +16.6c, UKNG (July) 87.27p +0.77p, TTF (July) €35.205 – €0.53

Oil price

Oil took a bath yesterday, as noted here the market fall was as much to do with its perception that the cartel had not actually detailed a substantial schedule of when cutbacks would happen but more show when the ‘voluntary’ players can start to release crude. Actually if Opec’s research shows to be correct these output levels should see stocks being drawn down as the market is actually tight enough.

Also the rumours of a deal that Israel had agreed to, took away some of the geopolitical risk but again that could disappear at the drop of a hat.

Gulfsands Petroleum

Gulfsands Petroleum the oil and gas company focused on growth in the Middle East and broader MENA region, is pleased to announce that the Company’s Annual Report and Accounts for the year-ended 31 December 2023 are now available to shareholders, along with a Notice of the 2024 Annual General Meeting.

The 2023 Annual Report and Accounts and Notice of AGM are available to download from the Company’s website, www.gulfsands.com and from the Company’s registered office at 60 Gracechurch Street, London, EC3V 0HR.  A letter has been dispatched to all shareholders explaining the arrangements for the AGM, together with hard copies of the 2023 Annual Report and Accounts and Notice of AGM to any shareholders who have elected to receive them.

Annual General Meeting 

The Company’s Annual General Meeting will be held at 60 Gracechurch Street, London, EC3V 0HR on Wednesday 26 June 2024 at 11.00 am.

In issuing the 2023 Annual Report and Accounts, Gulfsands’ Managing Director, Mr. John Bell, said:
“We are pleased to present our Annual Report and Accounts for 2023, a year during which we made substantive strategic progress towards our goal of re-establishing ourselves as a dynamic, MENA centric, growth-oriented energy company.

I am delighted to report that Gulfsands is now debt-free, following the completion of the conversion of the entire amount outstanding under the 2017 Secured Financing Facility.  This clean balance sheet, together with our increased presence in the region through our Abu Dhabi based subsidiary, Gulfsands Middle East Limited (“GMEL”), provides us with a solid platform to push ahead with our growth plans in the region. Gulfsands’ ambition is to create a multi-billion-dollar asset portfolio through the acquisition of operated and non-operated interests in the MENA region.

We have seen a significant increase in our business development activity over the last year and we remain committed to finding transactions that will bring value and stability to our shareholders.  We believe that our dedicated team, with their unique regional knowledge and breadth of experience across a broad range of disciplines, will enable us to find the right transactions for Gulfsands. We have also sought to strengthen Gulfsands’ profile and visibility within the region, and the industry, to be recognised as a credible partner of choice.

Syria, and our world class Block 26 assets, remain central to our strategy. We were delighted to have completed a Competent Persons Report (“CPR”) during the year which confirmed a 50% increase in 2C Contingent Resources, the vast majority of which we expect to be reclassified as 2P reserves as soon as we are able to return to operations.  This only goes to re-enforce the quality of these Syrian assets.

In order to expedite a return to operations for the benefit of all, not least the Syrian people who have now suffered over 13 years of crisis, we continue to promote and advocate for “Project Hope”, a Humanitarian and Economic Stimulus initiative whereby international energy companies would return, with international oversight, to operations in North-East Syria with allocated revenues used to finance early recovery, humanitarian, economic and security projects across the country – for the benefit of all Syrian people.” 

It is always good to see the progress being made by Gulfsands, and their Annual Report published over the weekend, makes for an interesting read. It can be seen that Managing Director John Bell has been busy in the reconstruction of the company, its CPR and of course the invaluable Project Hope.

With a clean balance sheet, and their established presence in Abu Dhabi, they seem well-positioned to move forward with their ambitious regional growth plans.

Syria remains an important part of Gulfsands’ strategy and the quality of those Block 26 assets appears to have been re-enforced by an impressive 50% increase in resources estimates according to a new CPR. Gulfsands says that the vast majority of these 2C Resources will be reclassified as 2P Reserves as soon as they are allowed to return to operations under PRMS guidelines. 

To that end they continue to promote and advocate for the Humanitarian and Economic Stimulus Initiative, Project Hope, which is an admiral initiative to allow Syria’s natural resources to be developed for the benefit of all Syrians.

As always, I wish them well.

Arrow Exploration

The following amendments have been made to the ‘Q1 2024 Interim Results’ announcement released on 30 May 2024 at 07:00 under RNS No 3486Q

The Company quoted the Q1 2022 production figures rather than Q1 2023 figures for the purposes of comparison.  This was a typographical error and has been amended as per the below. 

The original announcement read “Average corporate production up 139% to 2,730 boe/d (Q1 2023: 1,144 boe/d).” This has been amended to read “Average corporate production up 67% to 2,730 boe/d (Q1 2023: 1,635 boe/d).”

The original announcement read “The Company’s Q1 2024 total production was 138% higher than its total production for the same period in 2023.” This has been amended to read “The Company’s Q1 2024 total production was 67% higher than its total production for the same period in 2023.”

The historic Q1 2023 comparison figures in the Operating Highlights table have been updated as follows:

The original announcement read “AECO ($/Mcf)”.  This has been amended to read “AECO (C$/Mcf)”

All other details remain unchanged.

Petrofac

The company has returned from suspension today having published its accounts.

KeyFacts Energy Industry Directory: Malcy's Blog