My third pick is Gulfsands Petroleum (GPX) a partner to my first pick Emerald Energy in the Syrian Block 26 Oil/Gas exploration.
GPX was listed at 130p in April 05, so at 95p it is down 27% since then, despite the business being strengthened through corporate deals involving Northstar Gulfsands (restructuring) and Syria Block 26 (increase from 20% to 50% participation and taking over as operator.
This is what T&G said recently:
"Gulfsands Petroleum's (GPX.LN) shares should appreciate as drilling progresses, says Teather & Greenwood. Says its drilling update indicates its Tigris-1 well in Syria is half way to its target depth. Notes the well could contain probable and possible gas reserve levels worth 135p a share. But notes it could also contain possible reserves of oil and gas worth 236p a share. Maintains its 90p per share core asset value, but says exploration success will have a marked effect on shareholder value".
Success here could have an even bigger impact on GPX than EEN
Offer Price 95.25p
