Stock data
| Market cap. | £127.6m |
| Last close | 108.00p |
| High / Low (52 weeks) | 271.5p / 105.5p |
| Stock market listing | AIM |
| Forecast net cash (US$m) | 127.8 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Oil & Gas |
| Sector | Oil & Gas |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (23.13) | (35.71) | (60.26) |
| Relative * | (19.36) | (30.43) | (56.32) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 16.6 | (19.9) | (26.5) | 44.5 | 3.9 | 3.0 |
| 2011A | 7.9 | (19.7) | (23.9) | 68.0 | 2.6 | 2.2 |
| 2012E | 335.2 | 283.9 | 264.8 | 221.8 | 0.8 | 1.0 |
| 2013E | 387.1 | 327.1 | 298.8 | 253.8 | 0.7 | 0.6 |
Last updated on 19/04/2012
Latest research
Driving up reserves
Update | Oil & Gas | 07/04/2011
Syria going strong
Update | Oil & Gas | 21/10/2010
Headlining Damascus
Outlook | Oil & Gas | 17/09/2010
Exploration not priced in
Update | Oil & Gas | 24/02/2010
Awaiting exploration
Update | Oil & Gas | 02/12/2009
Waiting for 3D seismic
Update | Oil & Gas | 24/09/2009
Step-up at Khurbet
Update | Oil & Gas | 14/05/2009
Impairments in the US, substantial upside in Syria
Update | Oil & Gas | 20/04/2009
The road to Damascus
Outlook | Oil & Gas | 10/03/2009
High impact newsflow
Quarterly Update - Drilling update | Mining | 05/02/2008
Another relationship
Quarterly Update - Joint venture | Mining | 09/10/2007
Valuation changing find
Quaterly Update - Drilling update | Mining | 26/09/2007
Investment summary
Post 2011 the results presentation, Gulfsands continues to focus on Syria. In compliance with EU sanctions, Gulfsands declared force majeure in December 2011. Since then its Syrian assets have been shut in and non-producing. Successful drilling in 2011 and reserve upgrades in Syria were overshadowed by the political situation, with Gulfsands' share price failing to fully benefit. News for 2012 remains scarce with the well test at Sidi Dhaher in Tunisia and further divestment in the Gulf of Mexico the current activities as announced at the presentation in April 2012.
Last updated on 23/04/2012
Industry outlook
With a free cash balance estimated at $124m as at 31 December 2011 the company is financially secure for the medium term. With a current market cap of c $267m, 74% of that is cash. Gulfsands trades at an ev/2p+2c of $1.9/bbl. The low market price may be reflective of the unused cash sitting on the balance sheet with investors keen to see this deployed to achieve a higher return on investment.
Last updated on 23/04/2012
Key management
| Andrew West, Chairman |
| Richard Malcolm, CEO |
| Charles Talbot, FD |
Company address
| 3050 Post Oak Blvd Suite 1700 Houston, Texas TX 77056 United States +1 713 626 95 View website |
