LONDON: Gulfsands Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union (EU) sanctions on oil production in Syria.
"The company is continuing with drilling of the Khurbet East 102 appraisal well, which is anticipated to be completed in approximately forty days," Gulfsands, which produces over 90 percent of its total output in Syria, said in a statement on Wednesday.
"Upon completion of the KHE-102 well, the group will assess whether the impact of EU sanctions on service providers and others involved in the company's exploration activities permits the safe continuation the group's exploration programme."
The EU stepped up its sanctions against Syria's oil industry earlier this month, blacklisting state-owned firms including GPC that oversee trade and exploration, as part of international efforts to isolate President Bashar al-Assad's government.
Gulfsands said on Monday that it had shut down their oil operations in Syria following the sanctions.
Gulfsands also said it had suspended its share buy-back programme "in the interests of conserving cash" after having bought back some 4.6 million shares for 8.7 million pounds ($13.52 million).
The company said it had also found that its Yousefieh Field was subject to strong pressure support, which would have "positive implications for ultimately recoverable oil volumes at the Yousefieh field."
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