Gulfsands Petroleum Up on Russian Stakebuilding

Shares in Gulfsands Petroleum (LSE: GPX) were up 6% on the London stock exchange this morning following notification of more stake-building by Waterford Finance & Investment Limited.

Even after this morning’s boost, Gulfsands shares now stand at 104.25p, down by 50% since December.

Waterford is an investment vehicle controlled by Russian investor Michael Kroupeev, and its latest purchase of shares brings its holding to 19.29%.

Another Russian concern, Soyuzneftegas Capital Limited, has a 5.07% holding. Yuri Shafranik, the former Russian energy minister, is chairman of Soyuzneftegas and also on the board of Waterford.

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