Gulfsands Petroleum says that the Board has accepted the resignation of Mr Ric Malcolm as Chief Executive and having done so, has appointed Mr Mahdi Sajjad, currently Executive Director and President, to that position.

The change will become effective immediately although Mr Malcolm has agreed to remain available until the early summer to facilitate this management transition.

Mr Malcolm said, "Following the acquisition of Cabre Maroc in Morocco, the successful award of two permits in Colombia and the consolidation of our position in Tunisia, Gulfsands Petroleum has embarked upon a new phase in its evolution. This represents an appropriate time for me to move on, confident that I am leaving to my successors a solid business platform that should provide the Company with a promising future. I have therefore offered to remain available until the early summer to assist the Company during this period of management transition.

Tags: Gulfsands Petroleum plc