Gulfsands Petroleum the 40% partner in Sidi Dhaher and other adx projects has announced that its cashflow has stopped. The syrian government has not paid it for its september production. Syria produces 97% of gulfsands cashflow. It gets complicated as gulfsands based in England is following that countries economic sanctions on Syria and not paying dividends to its 7% shareholder who is related to the ruling family of Syria.
Gulfsands has current committments to ADX for 3 of its exploration areas. It has the cash on hand to pay for its debts to ADX at present.
I mention this as this news has put pressure not only gulfsands shareprice but on them to have the production results released of sidi dhaher as it will be the only increase in production that gulfsands can announce after announcing decreasing production over the last 12 months in its operations. The syrian autorities have asked gulfsands to almost halt oil production as it has no place left to store oil.
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