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Gulfsands receives US$9.8 million boost from Gulf of Mexico sale

Last updated: 06:30 22 Dec 2010 GMT, First published: 07:30 22 Dec 2010 GMT

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Gulfsands Petroleum (LON:GPX) will receive a US$9.8 million boost from the sale of three non-core properties in the Gulf of Mexico.

The company is offloading working interests in the Eugene Island 57/58 gas field, the Vermillion 379 oil and gas field and the South Pelto 13 oil and gas field.

The operations have been target for disposal because they are “dominated by gas” or are fields where Gulfsands has a small working interest.

The group will receive US$4.2 million from the sale. 

Additionally, the group is expecting the repayment of US$5.6 million being held in the form of a deposit to cover the decommissioning, plugging and abandonment of wells on these licences.

Along with operations in the US, Gulfsands owns assets in Syria, Iraq, Tunisia and Italy.

The last major announcement from  the company concerned its Khurbet East oil field on Block 26 in Syria, where it has chosen Saipem to build a central processing facility.

The plant has been designed with an initial capacity to handle the processing of 50,000 barrels of oil per day, though the initial oil production is expected to be 33,000 barrels.

The construction of the processing facility is expected to be completed in September 2012. The contract, which is expected to be signed later this month, calls for the delivery of the completed project within 20 months of signing.

 

 

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