Double dealing for Gulfsands

Feb 03, 2012

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Gulfsands Petroleum shares were in a double dealing today, with one director buying and another selling stock in the oil and gas firm.

Non-Executive Chairman Andrew West, 53, bought up £31,325-worth of shares in the firm, at 179p per share. The director now holds 140,144 shares in the firm.

Chief Financial Officer Andrew Rose sold 200,000 at 165.00p each for a total of £330,000, reducing his stake to 400,000 shares.

Earlier this week the firm said it is owed around $25m, half of the sum the firm claims is owed to Sinochem, the contractor and working interest partner of Block 26 in Syria.

Last year Gulfsands declared force majeure on Block 26 production operations in response to the tightening of EU sanctions against Syria.

According to Gulfsands, Sinochem has received no payment related to production from the block occurring after December 11th.

The stock has lost over 40% on its share price over the past year.

Top Director Buys

Bank of America Corp. (BAC)

Director name: Mr Susan S. Bies

Amount purchased: 50,000 @ $7.39

Value: $369,500

Gulfsands Petroleum (GPX)

Director name: Mr Andrew West

Amount purchased: 17,500 @ 179.00p

Value: £31,325

Datong (DTE)

Director name: Mr Grant D Ashley

Amount purchased: 22,800 @ 29.95p

Value: £6,829

Aberdeen Latin American Income Fund Ltd C Shares (ALAC)

Director name: Mr Martin Adams

Amount purchased: 10,000 @ 100.00p

Value: £10,000

Top Director Sells

Andor Technology (AND)

Director name: Mr Chris Calling

Amount sold: 160,000 @ 555.00p

Value: £888,000

Gulfsands Petroleum (GPX)

Director name: Mr Andrew Rose

Amount sold: 200,000 @ 165.00p

Value: £330,000

Andor Technology (AND)

Director name: Mr Colin Walsh

Amount sold: 40,000 @ 555.00p

Value: £222,000

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