In its latest corporate update, Gulfsands Petroleum included the following statement on its Iraqi operations:
Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministry of Oil in Iraq for the Maysan Gas Project in Southern Iraq, following completion of a feasibility study on the project, and is negotiating details of a definitive contract for this regionally important development. The project will gather, process and transmit natural gas that is currently a waste by-product of oil production and as a result of the present practice of gas flaring, contributes to significant environmental damage in the region. Gulfsands has no reserves in Iraq.
Gulfsands has also been pre-qualified by Iraq’s Oil Ministry to participate in the Iraq’s 4th Bid Round which will offer qualified bidders the opportunity to acquire up to 12 exploration licences in southern, western and central Iraq with bids anticipated to be required by the end of May, 2012.