Gulfsands Petroleum plc

Corporate Presentation

June 2007June 2007

2 Oil and Gas Discovery (Khurbet East) in Syria Block 26 31% increase in 2006 USA 2P reserves 2006 Turnover approximately US$30 million 2006 Gross Profit of $11 million

HoustonUS Gulf Coast and Gulf of Mexico

Development, Production & Exploration

LondonAIM listing, brokerage, corporate

finance, investor relations

Block 26 PSC (Syria)Exploration

Misan Gas Project (Iraq)Business Development

Gulfsands Petroleum Highlights

3-

500

1,000

1,500

2,000

2,500

3,000

b

o

e

p

d

1H 2004 2H 2004 1H 2005 2H 2005 1H 2006 2H 2006

Average Daily Oil & Gas Production

Gas (boepd)Oil (boepd)

Company Performance

Production recovering after hurricane disruptions

-

5,000

10,000

15,000

20,000

25,000

30,000

U

S

$

(

'

0

0

0

)

2004 2005 2006

Turnover and Gross Profit

TurnoverGross Profit

Average daily oil production returned to pre-hurricane level for 2H 2006

Daily gas production returned to pre-hurricane level during 2H 2006

Continued increase in turnover

$11 million gross profit in 2006

4USA Reserves 31st December 2006 Proved + Probable Possible Total (BCFGE)

(MMBOE) (BCFGE) (MMBOE) (BCFGE) (MMBOE)

Gulf of Mexico

41.5 6.9 2.1 0.3 43.6 7.2

Onshore Gulf Coast 3.1 0.5 4.7 0.8 7.8

1.3

Total 44.6 7.4 6.8 1.1 51.4

8.5

2P reserves increased by 31% to 7.4 MMBOE

Replaced 389% of 2006 oil and gas production

In-field additions in key properties and acquisition of additional interest in Emily Hawes gas field

5USA Gulf of Mexico

Gulfsands has assets in the Gulf of Mexico because of

High production rates, steady cash flow Geographically diverse portfolio, existing infrastructure Record of success

Forward Plans

Focus on existing opportunities Conversion of non-producing reserves to PRODUCTION

6USA Gulf Coast

Gulfsands has assets in the Gulf Coast region because of

Low cost operating environment Short cycle time from opportunity capture to production Production diversification

Forward Plans

Focus on field re-development and exploitation

7Current Operations - USA

Focus on existing opportunities Selective work-overs and re-completions to enhance

production and increase reserves Re-establish production at Emily Hawes Field (operated)

8Syria

Gulfsands has assets in Syria because

Block 26 is a large, contiguous block (11,050 sq. km.) with existing infrastructure in a proven petroleum province Senior in-country staff with extensive regional experience Ideal point of entry for continued operations in the region

Forward Plans

Khurbet East appraisal and development in Block 26 Exploration drilling in Block 26 Active development project acquisition strategy

92005

2005 2D Seismic Acquisition & Processing

Souedieh North-1 (Cretaceous Strat Play)

2006 2007

Tigris-1 (Palaeozoic reservoir)

2006 2D Seismic Acquisition & Processing

KHE-1

KHE-2

Gulfsands becomes Operator of Block 26 PSCEmerald (SNG Overseas) obtains 50% WI in JV

3D Seismic Acq. & & Processing

Notice to enter First extension (23 July)

First extension commences (23 August)

Syria Block 26 - Operations

68 6 7 00 736 70063 6 7 00

4 0 34 700

4 0 84 700

4 1 34 700

S y r i a

Turke y

Ira q

Block 26

Rumeilan

Ullayan

Bab Al Hadid

Badran

Maashok

Lelac Derik

Karatchok

Khurbet

Naour

Matl out

A l Bardeh

Tel Barak

Al Bouab

Sheikh Mansour

Abu Haydar

Al Hol

Sheik Suleiman

Souedi eh

OudehKahtaniyeh

Sham ou

Zuraba

0 30 km

Note; wells not shown in fields witha high density of dri lling.

68 6 7 00 736 70063 6 7 00

4 0 34 700

4 0 84 700

4 1 34 700

S y r i a

Turke y

Ira q

Block 26

Rumeilan

Ullayan

Bab Al Hadid

Badran

Maashok

Lelac Derik

Karatchok

Khurbet

Naour

Matl out

A l Bardeh

Tel Barak

Al Bouab

Sheikh Mansour

Abu Haydar

Al Hol

Sheik Suleiman

Souedi eh

OudehKahtaniyeh

Sham ou

Zuraba

0 30 km

Note; wells not shown in fields witha high density of dri lling.

Tigris

Khurbet East

Tigris-1

SN-1

10

Khurbet East Oil and Gas Discovery KHE-1, drilled to a total depth of 3800 meters, is the first well drilled within the Khurbet East

structure

The well intersected four significant hydrocarbon bearing zones in Tertiary, Cretaceous and Triassic aged reservoirs

~35o API oil flowed to surface on drill-stem test (DST) from the Triassic aged Kurrachine Dolomite Formation

Natural gas was recovered via wireline sample from the Triassic aged Butmah Formation

~24o API oil was recovered via wireline sample from the Cretaceous aged Massive Formation

Core was recovered from the Tertiary aged Chilou Formation. Wireline sampling was not possible due to the large hole size required at this depth in the KHE-1 well-bore

KHE-1 will be suspended as a future Kurachine Dolomite oil production well

The first appraisal well for Khurbet East, the KHE-2 well, is specifically designed to further evaluate the shallower Tertiary and Cretaceous reservoirs within the Khurbet East structure

The KHE-2 well is scheduled to spud in mid-June

11

Khurbet East Location

686 700 736 700636 700

4 034 700

4 084 700

4 134 700

S y r i a

Tur k e y

I raq

Block 26

Rumeilan

Ullayan

Bab Al Hadid

Badran

Maashok

Lelac Derik

Karatchok

Khurbet

Naour

Matlout

Al Bardeh

Tel Barak

Al Bouab

Sheikh Mansour

Abu Haydar

Al Hol

Sheik Suleiman

Souedieh

OudehKahtaniyeh

Shamou

Zuraba

0 30 km

Note; wells not shown in fields witha high density of drilling.

KHE-1Oil

pipelin

e

686 700 736 700636 700

4 034 700

4 084 700

4 134 7004 134 700

S y r i a

Tur k e y

I raq

Block 26

Rumeilan

Ullayan

Bab Al Hadid

Badran

Maashok

Lelac Derik

Karatchok

Khurbet

Naour

Matlout

Al Bardeh

Tel Barak

Block 26

Rumeilan

Ullayan

Bab Al Hadid

Badran

Maashok

Lelac Derik

Karatchok

Khurbet

Naour

Matlout

Al Bardeh

Tel Barak

Al Bouab

Sheikh Mansour

Abu Haydar

Al Hol

Sheik Suleiman

Souedieh

OudehKahtaniyeh

Shamou

Zuraba

0 30 km

Note; wells not shown in fields witha high density of drilling.

KHE-1Oil

pipelin

e

The KHE-1 well, the first well in the Khurbet East structure, is located within 12 km of the Souedieh and Rumeilan Oil Fields, as well as their associated oil export pipeline

12

KHE-1 Chilou Reservoir - Structure

Line K

N-40

KHE-1Discovery well

KHE-2Appraisal well for Chilou and Massive Formations

Area of structure at Chilou level ~ 5.5 km2

KHE-2 will aid in determining the extent of the accumulation

10 km

The Tertiary aged Chilou Formation contains the youngest, and shallowest, reservoir that is within structural closure on the Khurbet East horst block

The magnitude, and area, of the Khurbet East structure increases with depth

Chilou

KHE-1

Cross-section based on seismic line KN-40

KHE-2

13

KHE-1 Chilou Reservoir AssessmentMain pay zone assessment

Cored interval based on shows and drilling break (8.5 m core recovered)

88m gross pay interval (1316m 1404m) based on wireline logs

26m net pay calculated within interval

31% average porosity calculated in net pay section

Large diameter hole size at this depth in KHE-1 prevented acquisition of oil samples

Reservoir permeability and oil quality to be confirmed via KHE-2 appraisal well

Chilou

KHE-1

Cross-section based on seismic line KN-40

KHE-2

14

KHE-1 Massive Reservoir - Structure

The vast majority of oil production in the area comes from reserves contained in Cretaceous aged Massive reservoirs (e.g. Souedieh, Karatchok Fields)

10 km

Line K

N-40

KHE-1Discovery well

KHE-2Appraisal well for Chilou and Massive Formations

Area of structure at Massive level 8.5 km2 13.5 km2

KHE-2 will aid in determining the extent of the accumulation

The KHE-2 well will not drill to the Kurrachine Dolomite

Chilou

KHE-1

Cross-section based on seismic line KN-40

KHE-2

15

KHE-1 Massive Reservoir - Assessment

Wireline logs and pressure samples indicate an oil discovery

~25m gross / 22m net pay

Definitive water contact not encountered

Average porosity of 16-17% with good permeability

Reservoir pressures indicate potential for >40m oil column

Oil sample recovered, PVT analysis indicates 24o API

Further evaluation of the Massive reservoir is the primary objective of the KHE-2 well

Live oil shows during drilling

Increased hydrocarbon shows and gas readings over 40-50 meters (consistent with large case mapping)

Lost circulation while drilling prevented core recovery

OILCOLUMN

OILOILCOLUMN

OIL

'Massive Reservoir' Formation Pressure

Gradient = 0.367 psi/ft

R2 = 0.9988

PSIA

D

e

p

t

h

'Massive Reservoir' Formation Pressure

Gradient = 0.367 psi/ft

R2 = 0.9988

PSIA

D

e

p

t

h

16

KHE-1 Butmah Reservoir - Structure

10 km

KHE-1

Line K

N-40

Area of structure at Butmah reservoir ~15.5 km2

Gas was recovered from this reservoir via wireline sampling

Additional drilling is likely required in order to determine if an oil-leg is present in this reservoir

The KHE-2 well will not drill to the Butmah reservoir

Chilou

KHE-1

Cross-section based on seismic line KN-40

KHE-2

Gas was recovered via wireline sample from this reservoir

Further drilling (appraisal/development) may delineate an oil leg below the gas column

17

KHE-1 Butmah Reservoir - Assessment

Live oil/gas shows during drilling

Core recovered after drilling break

Wireline logs and pressure samples indicate a hydrocarbon-bearing reservoir

Very good porosity and permeability interpreted in main pay zone

Gas sample recovered from near top of pay zone

No definitive contact(s) identified

2850

2900

0 1(frac) 1 0(frac) 0.5 0(frac) 0.01 1000(mD)

Gas sample

18

KHE-1 Kurrachine Dolomite Reservoir -Structure

10 km

KHE-1

Line K

N-40

Area of structure at Kurrachine Dolomite reservoir ~15.5 km2

There is potential for oil pay in this reservoir in excess of the structural closure

This could be explained by

Presence of 2 or more separate accumulations within the Kurrachine Dolomite, or

A stratigraphic component to the trap, providing for additional hydrocarbon column

The KHE-2 well will not drill to the Kurrachine Dolomite

Chilou

KHE-1

Cross-section based on seismic line KN-40

KHE-2

19

KHE-1 Kurrachine Dolomite Reservoir -Assessment

Core recovered after drilling break

Significant live oil/gas shows during drilling

Wireline logs indicate a hydrocarbon-bearing reservoir

Poor hole conditions (common occurrence in this formation) significantly increases the uncertainty in estimating gross and net pay from wireline logs

Low case net pay estimate of 20 meters, high case net pay estimate of 120 meters

An open-hole drill-stem test (DST) was undertaken over a gross 100 meter interval in the Kurrachine Dolomite

DST intervalDST interval

20

KHE-1 Kurrachine Dolomite DST results

Oil flow to surface at rates of up to 478 bopd with an average GOR of ~2000 scf/bbl. Oil gravity is ~35o api

Very encouraging flow of light oil on DST, we anticipate strong performance once production tubing is in place

We are investigating methods for optimising production from this reservoir. These may include

Specialised acid stimulation of the reservoir, or

Horizontal wells

21

Khurbet East The Future

Approximate structural closure at Butmah and Kurrachine Dolomite levels

Composite map showing how accumulations at different stratigraphic levels overly one another within the Khurbet East structure

Approximate structural closure at Massive

Approximate structural closure at Chilou

KHE-1

10 km

The KHE-1 well demonstrated the existence of multiple hydrocarbon accumulations at different stratigraphic levels. The results so far have exceeded the pre-drill expectations, with the Company estimating gross recoverable resource potential in excess of 100 mmbbls.

The Company envisions

A Triassic reservoirs development (primarily the Kurrachine Dolomite Formation), and

A shallow reservoirs development (primarily the Cretaceous Massive Formation)

The Company is proceeding with plans to fast-track development of this discovery, with

Appraisal beginning immediately, and

Plans for 3D seismic acquisition over the structure and surrounding leads

22

Khurbet East Room to Run

The Company has identified a number of leads in the vicinity of the Khurbet East discovery, based on 2D seismic data.

The Company is preparing plans to acquire a 3D seismic survey directly over the Khurbet East structure and surrounds. These data will aid in the optimal selection of development drilling locations as well as any near-field exploration drilling locations.

In conjunction with the development 3D seismic programme, the Company is considering additional exploration oriented2D or 3D seismic programmes to evaluate an additional cluster of structural leads in the area.

KHE-2KHE-1

~150 km2 Development and near- field 3D

Southern leads

10 km

Existing 2D seismic lines

Khurbet East

Near- field structure identified on 2D seismicKHE-2

KHE-1

~150 km2 Development and near- field 3D

Southern leads

10 km

Existing 2D seismic lines

Khurbet East

Near- field structure identified on 2D seismic

23

Project Acquisition Syria and Iraq

Gulfsands has competitive advantages in the region

Senior executives with local experience and local knowledge Proven local operational capability Political risk = opportunities

Forward Plans

Conclude definitive agreement for Maysan Project Natural gas development projects Oil exploration and development projects in Kurdistan

24

Project Acquisition - Syria

Syria

Iraq

Block 26

Secure Syrian gas development opportunity

Secure cross border gas development and distribution opportunities

25

Project Acquisition - Iraq

0 50 100 150 20025

Km

0 50 100 150 20025

Km

0 50 100 150 20025

Km

0 50 100 150 20025

Km

IraqSyriaWestern Desert

Kurdistan

Southern Region

Block 26 3 Focus Areas

Southern Region Mid-stream Maysan Project Related oil developments

Western Desert Leverage Syrian presence Regional gas initiative

Kurdistan Extend Block 26 operating

capabilities Exploit geographical proximity

26

Southern Region - Maysan Project

Mid-stream development, gas gathering and liquids extraction in existing and developing fields

Low technical risk, high value potential

MOU signed January 2005

Requires definitive contract negotiation and execution

NPV potential in excess of $2 billion

27

Southern Region - Maysan Project

MaysanMaysanProject AreaProject Area

L E G E N D

Misan NGL Recovery PlantKhur Zubair NGL Fractionation PlantMisan FieldsAdjacent FieldsGathering LineNGL LineResidue Gas Line

L E G E N D

Maysan NGL Recovery PlantKhur Zubair NGL Fractionation PlantMaysan FieldsAdjacent FieldsGathering LineGathering LineNGL LineNGL LineResidue Gas LineResidue Gas Line

IRAQ

28

Maysan Project 450 MMCFD NGL Plant, gathering system and pipelines

Project to produce approximately 338 mmcf/d sales gas and 46,600 bbls/d of NGL

Build planned in 2 Phases over 5 yrs

First production 3 years after completion of FEED

Cumulative production of 2.6 TCF sales gas and 356 million barrels of NGL over 25 years

Maysan Project Forecast Daily Production Profile

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Maysan Project Forecast Cumulative Production

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Cumulative sales gas (bcf)Cumulative NGL (mmbbls)

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29

The next 12 months Appraise and commence Khurbet East development within Block 26

Acquire development project in Syria

Sign Maysan Project, KRG PSC or other Development project in Iraq

US Production and Reserves Acquisition

30

This presentation is designed to provide information about Gulfsands Petroleum plc and its business and operations. It is intended as general information only and is not to be relied upon for any particular purpose. In particular, no information contained in this presentation constitutes, or shall be deemed to constitute, an invitation to invest or otherwise deal in any securities of Gulfsands Petroleum plc.

Although we endeavor to ensure that the content of this presentation is accurate and up-to-date, Gulfsands Petroleum plc gives no representation or warranty as to the accuracy or completeness of

any information contained in this presentation.

Gulfsands Petroleum plc

Corporate Presentation

June 2007June 2007

Gulfsands Petroleum HighlightsCompany PerformanceUSA Reserves 31st December 2006USA Gulf of MexicoUSA Gulf CoastCurrent Operations - USASyriaSyria Block 26 - OperationsKhurbet East Oil and Gas DiscoveryKhurbet East LocationKHE-1 Chilou Reservoir - StructureKHE-1 Chilou Reservoir AssessmentKHE-1 Massive Reservoir - StructureKHE-1 Massive Reservoir - AssessmentKHE-1 Butmah Reservoir - StructureKHE-1 Butmah Reservoir - AssessmentKHE-1 Kurrachine Dolomite Reservoir - StructureKHE-1 Kurrachine Dolomite Reservoir - AssessmentKHE-1 Kurrachine Dolomite DST resultsKhurbet East The FutureKhurbet East Room to RunProject Acquisition Syria and IraqProject Acquisition - SyriaProject Acquisition - IraqSouthern Region - Maysan ProjectSouthern Region - Maysan ProjectMaysan ProjectThe next 12 months