Gulfsands Bid Rumour Is False

According to a short entry on today's FT Alphaville "Markets Live" at around 11:40, Gulfsands have denied that it has received a bid approach from Sinochem or anyone else:

http://ftalphaville.ft.com/marketslive/

LONDON, Sept 1 (Reuters) - Gulfsands Petroleum plc : * Spokesman says no bid approach from sinochem * Spokesman says no bid approaches from other parties.

This article has since appeared on Reuters:

http://uk.reuters.com/article/idUKL172573120090901?symbol=GPX.L

LONDON, Sept 1 (Reuters) - London-listed oil explorer Gulfsands Petroleum (GPX.L) denied a report it was in takeover talks with Chinese state-owned oil company Sinochem, which had boosted Gulfsand's shares over 10 percent.

A spokesman for Gulfsands, which has a market capitalisation of around $450 million, said on Tuesday the company had not received a takeover approach from Sinochem, or other parties.

"The management have not had any kind of discussion with or proposal from Sinochem," the spokesman said.

Last month Sinochem agreed to buy Gulfsand's partner in a Syrian oil block, Emerald Energy (EMEN.L), for almost $900 million, and analysts said this had sparked takeover speculation surrounding Gulfsands.

A spokesman for Sinochem declined to comment on the report.

Gulfsands shares traded up 4.4 percent at 240 pence at 1050 GMT, after the denial, having earlier traded above 260 pence.