Gulfsands Gets Approval to Develop Syrian Oil Field

Oil and gas explorer Gulfsands Petroleum Plc (GPX.L) said it received government approval to develop the Yousefieh oil field in Syria.

The company, which has operations in Syria, Iraq and the United States, said it got a production license of 25 years for the Yousefieh oil field in Block 26 North East Syria, with the possibility of an extension for a further 10 years.

Gulfsands, which holds a 50 percent stake and acts as operator of Yousefieh oil field, expects first oil from the area in April 2010, it said in a statement.

The company expects that production from Yousefieh field will reach a rate of about 6,000 barrels of oil per day by 2012.

Recently the company had found oil at its Khurbet East-14 (KHE-14) delineation well in Syria.

Shares of the company closed at 280.25 pence on Monday on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Unnikrishnan Nair)

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