Gulfsands Shares Surge After Approach

Gulfsands Petroleum (AIM: GPX) noted its recent share price movement on London’s AIM market and confirmed that has received a preliminary approach, which may or may not lead to an offer for Gulfsands. The company’s shares have surged over 19% to trade at 310p on the London Stock Exchange today (19 March).

Gulfsands Petroleum is an independent oil and gas company which is focused on the development of its assets in Syria and Iraq. The company also produces oil and gas from a portfolio of properties in the United States.

In February, Gulfsands reported a significant production milestone at the Khurbet East Field in Syria's Block 26, with 7 million barrels of cumulative oil production now complete. The oilfields average daily gross oil production continues at approximately 17,000 barrels oil per day (bopd), with minimal water production or pressure depletion to date.

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