Gulfsands in quicksand since civil war in Syria
The civil war in Syria has forced Gulfsands Petroleum into some big decisions. The jury is still out on whether these will bear fruit
Investors are nervous. Gulfsands Petroleum shares have fallen precipitously from a high of 380 pence ($0.58) at the start of 2011 to just 60p today. The reason is not hard to discern: since the civil war in Syria broked out in March 2011, Gulfsands has been forced to declare force majeure at Block 26 as a result of EU sanctions against Syria. Its 50% interest in the block (China’s Sinochem owns the other 50%) is not producing anything much – or anything from which can benefit Gulfsands. Before force majeure was declared on 12 December 2011, this asset was responsible for most of the company’s revenue. “The immediate consequence of the force majeure declaration is that the group cannot expec
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