The 2019 Annual Report and Accounts and Notice of AGM are available to download from the Company's website, www.gulfsands.com and from the Company's registered office at
Annual General Meeting ('AGM')
The Company's Annual General Meeting will be held at
Impact of Covid-19
More generally, the Directors note that the Covid-19 pandemic has had a significant impact on economies and populations globally. The impact on the oil and gas industry is amplified, as concerns over hydrocarbon demand and international disputes over oil production volumes have led to a very significant drop in oil and gas prices since the year-end. The Board has therefore undertaken a thorough assessment of all aspects of its operations, and the specific risks and challenges posed by the Covid-19 pandemic. In doing so, the Group seeks to comply with local and international recommendations protecting the wellbeing of its people, and in turn to minimise the impact on its operations.
Although there is no immediate direct impact on the Company with respect to revenue, various capital efficiency measures have been implemented to preserve the Company's capabilities, strengths and resources to ensure Gulfsands can survive and thrive when the Covid-19 crisis is over. These measures have included some permanent changes which will increase overall efficiency, as well as temporary measures, such as salary cuts for all staff and Directors which will assist the Group during the period of highest impact of the Covid-19 pandemic. Working-from-home protocols are in place to ensure efficient online collaboration, communications, and that decision-making can continue, as seamlessly as possible.
The Directors continue to closely monitor the impact of unfolding events in order to respond swiftly to any consequential implications on the business.
In issuing the 2019 Annual Report and Accounts, Gulfsands' Managing Director Mr.
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Certain statements included herein constitute 'forward-looking statements' concerning the Company within the meaning of applicable securities legislation. These forward-looking statements are based on certain assumptions made by Gulfsands and as such are not a guarantee of future performance. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Gulfsands' ability to control or estimate precisely, such as general economic and market conditions in various countries and regions, political risks, environmental and physical risks, legislative, fiscal and regulatory developments, drilling and production results, reserves estimates, changes in demand for Gulfsands' products, increased costs of production or price fluctuations in crude oil and natural gas. Gulfsands cannot give any assurance that such forward-looking statements will prove to be correct. Gulfsands does not undertake any obligation to update or revise publicly any forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.
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