Gulfsands Petroleum plc. Corporate Presentation. London 21 January 2014 AIM: GPX

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1 Gulfsands Petroleum plc Corporate Presentation London 21 January 2014 AIM: GPX

2 Gulfsands Overview E&P company with focus on MENA region Market cap ~ $80 million, AIM listed 2P Reserves ~ 75 MMboe Acquisition of Operated Assets onshore Morocco High impact light oil exploration, medium risk Shallow gas exploration with near term production potential and price upside Tunisia: Refocussing Exploration onshore Now confirmed as Operator with 100% WI of onshore Chorbane Permit, exploration for light oil Colombia: Exploration Risk Diversification Operator of two frontier permits in proven oil basins Principal Operated Assets onshore Syria Under Force Majeure resulting from EU Sanctions Two highly productive oil fields (currently shut-in) and two more approved for development One new oil discovery awaiting appraisal Debt free 2014 Activity Morocco Rharb Permit - 6 shallow gas exploration wells using new 3D seismic (220 sq km) Fes Permit - ~650 km 2D seismic Fes block is underway, defining prospect(s) for exploration for light oil in Fes, first well Tunisia Chorbane Block - 2D seismic programme proposed for 2014, exploration well in Colombia Reconnaissance and preparations for seismic 2

3 Group Working Interest Production & Reserves/Resources Working Interest Production boepd 2P Working Interest Remaining Reserves MMboe USA Syria Group Working Interest Production (boepd) est Group 2P Working Interest Remaining Reserves (MMboe) USA Syria Group WI Production reduced due to EU Sanctions on Syria Group WI Proved plus Probable (2P) Remaining Reserves stable at ~75 MMboe Year End 2013 Projection Small ( avg <300 boepd) 2013 production from legacy US nonoperated assets Negligible 2013 Syria gross production by Dijla Pet. Co. (no Gulfsands involvement in any Syria operational activities) Essentially unchanged Reserves Contingent & Prospective Resources to be added for Tunisia and Morocco

4 Morocco Permits Acquisition of Cabre Maroc, Moroccan subsidiary of privately held Caithness Petroleum, completed in January 2013 Rail Network Gas production Depleted oil fields with historic light oil production Operatorship of large contiguous and highly prospective onshore assets in northern Morocco Proven working petroleum system for both oil and gas Significant upside potential from oil exploration of thrust and fold belt structural features identified in the Rharb Sud and Fes Permits Refinery Casablanca Rabat Kenitra Oil Pipeline 4 Gas Pipeline & 8 Gas Pipeline with capacity of 26.5 MMscf/d Permits as currently defined Taounate permits award remain subject to Ministerial approval Maghreb-Europe 48 gas pipeline with capacity of 1.2 Bscf/d Acquisition to provide near term cash flow from Rharb Central Permit through: Low risk gas exploration assets Inexpensive to develop Local market demand for purchasing gas production Existing network of gas pipelines WI 2C Contingent Resources of 2.0 Bcf and P50 Prospective Resources of 24.4 Bcf (Senergy, 2012) 4

5 Rharb Centre Permit: Gas Entrapment Stacked high seismic ~ m Seismic geometries consistent with turbidite deposition (channel/levee complex) Chaotic high amplitude band indicates underlying Pre-Rif Nappe. Defines mini-basin depocentres. Circle Oil Schematic Gas charged Miocene aged turbidite channel and fan sands within structural / stratigraphic traps Potential Targets can illuminate as amplitude anomalies on seismic Gulfsands used Cabre Maroc 2012 swath 2D seismic survey to identify 3 drilling locations for 2013 drilling Prior management chose 2D swath acquisition rather than 3D survey due to budget restrictions Prior success in Basin demonstrated by ONHYM and then recently Circle Oil using 3D seismic data All prior drilling by Cabre Maroc had been based on 2D seismic data, with less success than Circle 5

6 Rharb Centre Permit: Gas Exploration / Exploitation Rharb Centre Permit Gulfsands 75% and Operator Zhana Gas Field (depleted) ONHYM 25% but carried through exploration phase Near term cash flow potential from Rharb Centre Permit gas play Lower risk biogenic gas exploration Shallow reservoirs, moderate quality, contain >98% methane Inexpensive to develop Local industrial market demand Attractive gas price Gas pipeline infrastructure to local industrial centre already built Work Programme Commitment of 3 wells in 2H 2013 based on legacy 2D seismic data and a further 6 in 2014 to be based on Gulfsands new 3D seismic data 6

7 Rationale for Rharb 3D Seismic: Derisking of Prospects Cabre Maroc (Caithness) drilled 13 wells on Rharb Centre acreage via 2D seismic data 5 commercial discoveries, all now depleted P50 gross prospective resource 24 Bcf (Senergy, June 2012) Planned 3D seismic area outline Rharb Centre Permit Gulfsands New 220 km 2 3D Survey BFD-2 OZI-1 Rharb Centre Permit AKR-1 Sebou Permit Rharb Centre Permit D Survey Rharb Centre acreage is contiguous to successful Circle operation in Sebou Permit, Circle drilled 11 wells using 3D seismic data 3D seismic derivative products used to improve locations discovered gross resource to date estimated at 32 Bcf (P50, RPS Energy) 2H 2013 gross production ~ 6-7 MMscfpd Gulfsands drilled 3 commitment exploration wells in Phase 1 in 4Q 2013 located on 2D seismic Depths m All targets visible as seismic anomalies Order: AKR-1, OZI-1, BFD-2 Well costs anticipated as ~$2.0M (dry hole case) Quick, easy and cheap tie-in to pipeline 7

8 2013 Rharb Centre Permit Drilling Results Results: Non-commercial gas volumes encountered in each of 3 wells (AKR-1, OZI-1, BFD-2) Technical Summary: Sand intervals were encountered in each well of apparently reasonable to excellent quality but low S g / high S w These Sands tie well with seismic pre-drill depth prognosis based on seismic amplitude anomalies very low / residual gas saturation of ~10% encountered in porous sands is likely cause of the amplitude anomalies seen on seismic? Would having 3D seismic help differentiate drilling targets? x Conclusion: Better definition of areal strength of amplitude anomalies Better indication of geological structuration linked with anomalies Better well location 10% and 90% gas saturations can give similar amplitude anomaly responses Next phase of Rharb Centre Permit drilling to be conducted on prospects located by 3D seismic Aim is to reduce exploration risk 8

9 Rharb Sud & Fes Permits: Oil Exploration Rharb Sud and Fes Permits offer high potential oil exploration opportunity Structural features part identified via seismic and gravity Permits have been lightly explored Located adjacent to 5 depleted light oil fields Significant upside potential Zalagh Prospect 3D Survey (Transatlantic) Haricha Bou Draa Tselfat Sidi Fili Area Legacy oil fields in Rharb Sud Area were initially discovered and developed without seismic data and with limited use of modern drilling N and completion technology, reservoir management techniques, etc Light oil deg API produced from small shallow structures usually at less than 1000m Haricha sandstone: porosity ~19-25%, perm. ~1-100 md Domerian limestone: porosity ~10%, perm. ~1-10 md Initial production rates up to 1500 bopd, but wells exhibited rapid decline 9

10 Rharb Sud / Tselfat / Fes: Schematic Play Cross Section AZH1 Fès Permit E Untested sub-thrust potential in Jurassic extends into Rharb Sud Block Zalagh Prospect The Boudraa and Tselfat Oil Fields were predominantly produced in 1950s and are now shut-in, but untested potential remains in Jurassic sub-thrust Cretaceous/Jurassic Haricha sandstone and Jurassic Domerian fractured limestone produced light oil in Tselfat Field - expected to be present in the adjacent Fès Permit The Zalagh Prospect and multiple leads in the Fès block at depths of m have the potential to trap significant quantities of oil 10

11 11 Oil Seeps: NW Fes Permit

12 Fès Permit: Zalagh Prospect Gulfsands equity 50% and operator Prospect lies adjacent to existing fields that produced commercial quantities of light oil (35-40 API) Fes Permit has untested fairway east of existing oil fields Gross unrisked prospective resource at Zalagh prospect estimated by AGR TRACS at MMbbls Moderate to high risk but with substantial follow-up potential NNW Base Miocene Domerian Limestone Zalagh Prospect Base Nappe SSE Base Miocene Domerian Limestone Based on CPR 2012 by AGR TRACS International Ltd Seismic Line FESN-06 Zalagh Prospect 12

13 Tunisia: Chorbane Permit SDH-1 Dry Hole P&A 2012 Working Interest: 70% (Operator) Permit Area: ~1940 km 2, after mandatory relinquishment of 490 km 2 Opportunity: Competitive fiscal terms (PSC) Attractive leads inventory Forward Plans: Sidi El Itayem Oilfield EUR 40 MMbo Complete current evaluation and plan 2D or 3D seismic programme Acquire new seismic Q Mature 1-2 exploration well locations in 2014 Possible farm down from 70% Drill 1-2 exploration wells in Working Interest: 100% and Operator Permit Area: ~1940 km 2, after mandatory relinquishment of 490 km 2 Opportunity: Competitive fiscal terms (PSC) Attractive leads inventory Exploration for light oil Forward Plans: Complete current technical evaluation and plan 2D seismic programme of 104 km for 2014 Mature 1-2 exploration well locations in 2014 Possible farm down from 100% pre-drill Drill 1-2 exploration wells in

14 Chorbane Permit: Exploration Plays Conventional Light Oil Play SAG Chaker trend. Oil potential Light oil play in Tertiary Cretaceous targets on the SAG Chorbane trend SDH-1 Dry Hole P&A 2012? Lead A El Jem Sidi El Itayem oilfield 48 Mmbo 41 API oil Bireno trend for Mahares SW Lead Unconventional Gas Play Gas flows have been obtained in old wells from the Jurassic Nara argillaceous limestone in Chaal. This may extend onto Chorbane. Nara Unconventional gas play? Bireno trend. Oil potential 14

15 Sidi Agareb (SAG): Prospect Summary Oil Prospective Resource Potential SAG has four carbonate targets from m (Rein, Cher A/El Guer, Abiod, Bireno) It was partially evaluated by the 1972 SAG-1 exploration well which flowed inert rich gas and condensate from the Cherahill A carbonate and logged oil shows below the gas cap and in the shallower Reineche carbonate. SAG-2 appraisal was off-structure Multi-case Volumetric Estimates made with different geometry and fluid fill assumptions Range in Mean Oil Prospective Resources of 9 45 Mmbo. GPOS about 20 25% in each horizon Horizon / Case Mean Prospective Resources GPOS MMbo (Gas is excluded) % Reineche Only with Gascap 8.6 MMbo 22% Reineche(with gascap), Eocene (thin Oil), 16.4 MMbo 20-26% Abiod (Small GRV), Bireno (Small GRV) (Summed Means) Eocene Only (thick oil collumn) 23.0 MMbo 26% Reineche (no gascap), Eocene (thick oil), 45.2 MMbo 20-26% Abiod (large GRV), Bireno (large GRV)) (Summed Means) 15

16 Sidi Agareb (SAG): Prospect Concept North A SAG North exploration well could test at least 3 Targets SAG SAG South? Intra-Oligocene Unconformity Reineche: Oil shows in SAG-1 Cherahill A / El Garia: Inert rich gas tested in SAG-1 < 13 MMscfd Cherahill-B Fm El Haria: Oil shows in SAG-1. DST no flow? Reineche Fm? Cherahill-A Fm Abiod thin, Bireno not reached? In SAG-1 El Gueria Fm El Haria-B Fm Abiod Fm Serj Fm Austrian Unconformity 16

17 Proposed 2014 Chorbane 2D Seismic Programme Sidi Agareb Prospect Programme Acquire 66 line kms of 2D Objectives - Infill existing sparse grid over structure crest to improve mapping confidence at several target levels in Eocene to Upper Cretaceous section Proposed Acquisition - 66 line kms 2D Seismic Reprocessing - In addition we plan to reprocess around 40kms of legacy seismic data (Grove 2007 suervey) over Sidi Agareb Mahares SW Lead Programme Acquire 40 line kms of 2D Objectives - Add three lines over the Mahares SW Lead avoiding the built up area of Al Mahares Proposed Acquisition - 40 line kms 2D Chorbane Permit JOCM 13 th November

18 Colombia: Diversification of Portfolio Award of Two Operated Permits Llanos Area km 2 Putumayo Area km 2 Llanos Basin Colombia PUT-14 Putumayo Basin LLA-50 Prospective areas for oil Both blocks which are considered frontier in nature - on trend with existing oil fields/ new discoveries Relatively good terms for Colombia Contracts are based on tax and royalty system X Factor Participation Fee 6% for LLA-50, 5% for PUT-14 Royalty for oil on sliding scale, varies between 8-25% 33% Corporation Tax First Period (3 years) approx 100 km 2D seismic data and one well in each permit Second Period (3 years) approx 50 km2 3D seismic data and two wells in each permit 18

19 Putumayo Block 14 Cohembi Oil Field N 25 km Platanillo Oil Field PT-14 Exploration Working hydrocarbon system- Cretaceous source, Cretaceous Villeta Fm reservoirs, regional seal present Proven abundant oil generation/migration in the basin On trend with producing fields in Ecuador Prospectivity Poor seismic coverage - large gap between existing 2D seismic lines Multiple reservoirs options 19

20 Putamayo Ronda 2012 Blocks Well and Seismic Data Legacy 2D seismic dataset of ~800 km enables identification of leads/concepts 14 2D Seismic Coverage: Block 12 ~ 500km (incl. 85km extensions) Block 13 ~ 100km Block 14 ~ 200km 20

21 W Block 14: Platanillo Type Structure E 2D Line PR

22 Putamayo-14 Technical Assessment: Summary Block Putamayo-14 contains potential for structural traps which are analogous to Cohembi and Platanillo producing oil fields to the west channel systems stratigraphic prospects based on thinning and pinch out of key reservoirs of interest within the Block all of the above as suggested by existing 2D seismic (albeit of very limited extent) Key geological risks trap definition distribution and extension of reservoirs eastwards lateral seal more seismic is required 22

23 23 Analogue - Cohembi Field (Suroriente)

24 Analogue - Platanillo Field (Amerisur) Avg Production in 3Q 2013 ~ 5000 bopd 24

25 Llanos Block 50 CAÑO LIMON AREA LA HELIERA-1 YOLI- 1 STELLA-1 CENTRAL PROVINCE Located between the prolific Central Llanos Province and the Cano Limon Giant Oil Field Abundant oil generation and proven long distance migration to this part of the basin Block poorly explored very limited seismic coverage Producing fields km to southwest 25

26 USA: Gulf Of Mexico shallow offshore Legacy assets held from time of US incorporation pre-2008 Six non-operated producing assets and five non-producing assets average daily production for 2012 was 311 net WI boepd (54% oil) Most valuable asset is EI 32 Near term recompletions have potential to significantly increase production rate Little time dedicated; cash flow essentially neutral Sales Process Attempts to divest remaining assets in at a reasonable price have been unsuccessful Sales in 2010 & 2011 raised $21.3m together with funds held in escrow Efforts to divest remaining assets continues

27 Syria EU Sanctions in 2011 Specific measures against the oil industry in Syria announced 1 December, 2011 All staff withdrawn immediately from DPC activities Led directly to Force Majeure notice on 11 December 2011 (along with most other IOC s) Gulfsands has residual entitlement to its share of production since 11 December 2011 under the terms of the PSC Facilities currently understood to be in good order GPC has intermittently produced oil estimated to total approximately 1.7 MMbbls during 2012 Negligible volumes produced by GPC in 2013 Located in the Hasakah Province a dominantly Kurdish area

28 Syria: Block 26 50% operated interest in Block 26 PSC Sinochem is 50% partner ~ 100 Syrian Nationals Area : 5,414 km 2 5 commercial oil discoveries in last 4 years Khurbet East Massive: up to ~24,500 bopd gross production Yousefieh: up to ~2,600 bopd gross production Khurbet East Butmah: May 2011 discovery Al Khairat: Dec 2011 discovery Significant remaining exploration potential

29 Syria: Block 26 Cretaceous Massive Reservoir Production during 2013 based on reported information but not verified Between 22 nd February and 2 nd March 2013 Dijla reported production of 5000 bopd from KHE Massive, bbls in total. No other reported Dijla operated Block 26 production during Y-4H Y-3 Y-1 KHE-19H KHE-18 KHE-17H KHE-15 KHE-10H KHE-9 KHE-6h KHE-5h KHE-4 KHE-3 KHE-2 3-day rolling average Allocation Block 26 Fields Average Daily Gross Oil Production and 3 Day Rolling Average Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-12 BOPD 01-Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec-13 29

30 Syria Block 26: Exploration Drilling (inception to date) Commercial Discoveries Unsuccessful Wells Re-entry needed Fifteen exploration wells drilled since 2006 Four commercial discoveries One potential commercial discovery Safa-1 Strong oil shows, logged 47m oil pay, low porosity reservoir, water on test KHE-102 Butmah oil Appraisal North Flank Delineation Khurbet East-1 Commercial oil discovery EUR 105 mmbo (2P) Twaiba-1 Strong oil shows and 30m of logged oil pay, but water on test Hanoon-1 Heavy oil in low quality reservoir Souedieh North-1 Heavy oil shows in low quality reservoir Al Khairat Cretaceous res. Strat trap EUR 24 Mmboe (2C) Zahraa-1 Complex structure/poor hole conditions Tigris-1 Palaeozoic res. objective Minor gas shows, poor reservoir Yousefieh-1 Commercial oil discovery EUR 29 mmbo (2P) Yousefieh East Extension to Yousefieh Field confirmed KHE-101 Butmah oil discovery EUR 19 mmboe Wardieh-1 Cretaceous reservoir, Stratigraphic trap 67 mmbo (Mean) 30 Abu Ghazal-1 Triassic - strong oil shows, logged 210m oil pay in K Dolomite, but flowed heavy oil and water on test Zaman-1 Oil shows, likely residual column Yousefieh South-1 Oil shows and logged pay, water on test

31 Summary of Gulfsands Activity Diverse balanced portfolio of operated assets with strategic focus on core MENA region Morocco acquisition in line with strategic criteria: Exploration offering near term gas production potential = near term cashflow (Rharb Centre) Significant exploration upside potential for light oil (Fes plus Rharb Sud) Operatorship onshore with a large contiguous permit holding Proven working petroleum system with infrastructure already in place GPX utilizing expertise and skill sets from Syria Active Work Programme in 2014: Morocco: Rharb Permit: process 3D seismic survey and select 6 gas well locations for 2014 drilling Fes Permit: complete 2D seismic acquisition followed by processing and interpretation Drilling for light oil in Fes in Tunisia: 2D seismic acquisition on Chorbane and firm up 1-2 well locations exploring for light oil Colombia: Reconnaissance work in preparation for 2D seismic acquisition later in 2014 No debt Cashflow anticipated from Morocco in and beyond will be a busy phase of operational activity for the Group 31

32 32 Thank You!

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