Positive broker note out on Gulfsands Petroluem

Courtesy of Edison Investment Research  –

Gulfsands has successfully diversified its business away from Syria and now operates in Morocco, Tunisia and Colombia. We increase our 2014 RENAV to 121p per share (453p unrisked) driven by the valuation of its highly prospective Fés permit, expected to drill in H214 (30p risked, 325p unrisked). Our valuation is further supported by gas production from the Moroccan Rharb permit, which is expected to begin in Q413.

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