05-01-2008
Gulfsands Petroleum plc, the oil
and gas production, exploration and development company with activities in the
Middle East and the USA, announces the relocation of the Company's principal
office and centre of operations to London and the resignations of John Dorrier
and David DeCort as Chief Executive Officer and Chief Financial Officer
respectively.
The Board has decided that, in light of the decisive shift of the Company's
focus to the Middle East and in particular the increasing importance of its
operations in Syria following the commercial discovery at Khurbet East in Block
26, the Company's principal office and centre of operations will relocate to
London from Houston, Texas, with immediate effect. In connection with the move,
John Dorrier and David DeCort are resigning as Chief Executive Officer and Chief
Financial Officer respectively.
The Board expects to be in a position to make further announcements concerning
new London-based senior management shortly. In the interim, pending such
appointments, Andrew West, has undertaken to function as the Executive Chairman.
The Company's Houston and Damascus offices will both be retained along with its
existing staff in both locations. The Company's assets and operations in the
United States and the Gulf of Mexico will continue to be managed out of the
Houston office.
Messrs. Dorrier and DeCort have each entered into a Settlement Agreement with
the Company. Each has agreed to make himself available on a consultancy basis
for a limited period as required to ensure a smooth management transition.
Gulfsands' Chairman, Andrew West, said: "Following the recent commercial
discovery at Khurbet East, the focus of the Company and the lion's share of its
value has shifted decisively to the Middle East. Relocation of our principal
office and centre of operations to London is crucial to continuing with the
rapid development of our Syrian assets specifically and our Middle Eastern
ambitions generally.
The success of Gulfsands to date would not have been possible without John
Dorrier and David DeCort, who were founders of the Company and have played a
pivotal role in building the business to where it is today. They can take pride
in the legacy they are leaving behind them. On behalf of the Board I would like
to thank John and David and wish them every future success. As major
shareholders in their own right I know that they will continue to take a keen
interest in the Company's affairs."