rumours of a bid approach for Gulfsands Petroleum

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Determined buying this morning and a suspicious 50k print yesterday.

UPDATE – We have just spoken with Buchanan – their corporate relations company and the words “no comment” in relation to a bid approach were relayed. With the stock now up 25% it looks likely that a stock exchange announcement is likely to be forced shortly.

If they have been approached then management & Waterford are unlikely to get even remotely excited or entertain anything in all seriousness south of 200p. Take a look at the latest issue of our mag (page 48) for the valuation case on GPX and which we believe should be closer to 250-300p.

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