AIM: GPX

London 13-15 May 2014

Gulfsands Petroleum plc

Investor Presentation

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E&P company with focus on MENA region – Market cap ~ $100 million, AIM listed – WI 2P Reserves ~ 76 MMboe

Operated Assets onshore Northern Morocco – High impact light oil exploration, medium risk – Lower risk shallow gas exploration with near term

production potential and price upside

Tunisia: Re-focussing Exploration onshore – Operator (100% WI) of onshore Chorbane Permit – Exploration for light oil

Colombia: Exploration Risk Diversification – Operator (55% WI) of two prospective blocks in

proven oil basins with significant area activity

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

Gulfsands Overview

2014 Activity – Morocco

• Rharb Permit up to 6 shallow gas exploration wells

based on new 3D seismic survey (220 km2) • Fes Permit

~650 km 2D seismic completed now defining prospect(s) for exploration

for light oil in Fes, first well 2014-15 – Tunisia

• Chorbane Permit 2D seismic programme planned for 2014 exploration well in 2015

– Colombia • Putamayo 14 & Llanos 50 Blocks

2D seismic planned in 2014-15

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Group WI Production & Reserves/Resources at YE2013

Group Production — EU Sanctions on Syria have

curtailed production

— Small 2013 WI production from legacy US non-operated assets of 226 boepd (net 175 boepd)

Group Reserves — WI Proved plus Probable (2P)

Remaining Reserves stable at ~76 MMboe

Group Resources

— Significant WI Prospective Resources (526 MMboe, best estimate unrisked, audited) added at YE2013 for Tunisia and Morocco

1937

6249

91768133

est.2426

123

1338

1091

1091

410

311

2260

2000

4000

6000

8000

10000

12000

2008 2009 2010 2011 2012 2013

WorkingInterest

Productionboepd

Group Working Interest Production (boepd)2008-2013

USA

Syria

35.2

46.053.6

74.5 74.4 74.45.2

4.7

3.3

1.8 1.5 1.4

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013

2P Working Interest

Remaining ReservesMMboe

Group 2P Working Interest Remaining Reserves (MMboe)2008-2013

USASyria

Exploration for hydrocarbons in Northern Morocco began decades ago with the discovery of a number of smaller oil fields

Gulfsands Petroleum Morocco Limited has assembled a large and contiguous tract of exploration acreage in Northern Morocco in – the Rharb Basin, which contains

biogenic gas accumulations, and – the Prerif, a complex but oil

prospective region of fold and thrust belts

Gulfsands: Exploring in Northern Morocco

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Morocco Fiscal Regime

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Morocco Fiscal Regime

— Fiscal Terms • 25% State participation, State carried through exploration phase • Royalty: Oil 10% and Gas 5% • First 300,000 tons of oil production (~ 2.25 MMbo) and first 30 MMcm of gas

production (~10 Bcf) are royalty free • Corporate tax: 30% • 10 year corporate tax holiday on discovery

— Future gas pricing is considered likely to be in the $10-12/Mcf range

Syr

ia

Mor

occo

Tuni

sia

High Contractor value and rate of return even for modest discovery field sizes

Minimum tax take Maximum tax take

Kaz

akhs

tan

Col

ombi

a

State Tax Take %

Om

an

Egy

pt

Source: Wood Mackenzie

Indo

nesi

a

Gab

on

Yem

en

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Brief Exploration History of the Rharb and Prerif

1920 1930 1940 1950 1960 1970 1980 1990 2000 2010

Ain Hamra Oil Discovery

Tselfat Oil Discovery

Bou Draa Oil Discovery

Oud Beth Oil Discovery

Bled Khatara & Haricha Oil Discoveries

Creation of ONAREP. Onset of increased exploration for gas in Rharb Basin

ONHYM created by the merger of BRPM and ONAREP

Gulfsands entry in Northern Morocco

Cumulative regional production of ~11 MMBO and 43 BCF

Mainly Oil Discoveries Mainly Gas Discoveries

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Summary of Oil and Gas Prospectivity

Historic shallow oil and gas production to 1200m. Potential for deeper structures.

Shallow biogenic gas play (<1500m). New Gulfsands 220 sq km 3D survey.

Legacy oil field and oil prospectivity extends onto Rharb Sud Permit

Leads/prospects from legacy 2D seismic and gravity data. 650 km of new 2D seismic .

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Exploration Focus Areas in Prerif and Ridges

Oil Seeps

Gas Play

Jurassic Leads

Haricha Field 3D Seismic

Thrust Faults

Zalagh Prospect Jurassic

Leads

Jurassic Leads

Jurassic Leads

Oil/Gas Plays?

Surface Topography Map

The newly awarded Moulay Bouchta Permit is considered prospective and an ideal complement to the existing portfolio

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Fes Lead Inventory (after Senergy 2012)

Airborne gravity data and subsequent model driven interpretation has identified a significant number of potential structural culminations within the Fes block area Gravity model interpretation also indicates that Fes-1 well was drilled off structure The 2013 2D seismic programme, in conjunction with the gravity data and geologic studies, is expected to deliver at least 3-4 economically viable and drill-ready prospects to choose from.

Zalagh Prospect

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Zalagh Prospective Oil Resources (after TRACS CPR 2012)

Zalagh prospect map

Line 80-BR-5 Line FESN-98-06 AZH-1

30 km

AZH-1

Zalagh

• The most confident gravity surface is the top Domerian • Model concurs with the sparse seismic over Zalagh • The Domerian target is predicted at ~2,000m at Zalagh

N S

Zalagh

Zalagh Gross P50 Resources

Source: TRACS CPR 2012, Cabre Maroc

Reservoir Rec. Vol. (mmbo) Geologic COS

Miocene Molasse 20.6 16%

Jurassic/Cret. Haricha Sandstone 31.9 6%

Jurassic Domerian Limestone

45.3 22%

Total 97.8

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Fes Permit

Net Unrisked Prospective Resources (MMboe)Jurassic Working Interest Low Best High

Total Prospective Resources 50% 21.3 478.0 2250.1

Gulfsands Fes Permit Resources Summary YE2013

Includes Zalagh Prospect plus 8 other identified prospects/leads in Fes Permit Confirmed by Senergy Audit at end March 2014

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Rharb Centre Permit: Gas Exploration / Exploitation

Gulfsands 75% WI & Operator

Exploration for biogenic gas

Upper Miocene aged reservoirs

Gas reservoirs visible as seismic amplitude anomalies

Mature Basin

Historic exploration mostly based on 2D seismic data

3D seismic data is to be used to find remaining reserves

Gulfsands 2013 3D Seismic Survey Area

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Legacy 2D Seismic Line 3D Seismic Survey Area

Down-dip well encountered 7 metres

of net sand (water)

A new exploration well will test a structure with a

strong amplitude response, suggesting a

potential gas accumulation

Merging Legacy 2D and New 3D Data WNW ESE

GPML-X

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Gulfsands Rharb Centre Permit Resources Summary YE2013

Net Unrisked Contingent Resources (Bcf)Well Horizon Working Interest 1C 2C 3CBFD-1 Upper Miocene 75% 0.26 0.72 1.88DNO-1 Upper Miocene 75% 0.37 1.25 4.25Total Contingent Resources 75% 0.63 1.97 6.13

Net Unrisked Prospective Resources (Bcf)Upper Miocene Working Interest Low Best High

Total Prospective Resources 75% 7.27 21.25 46.12

Confirmed by Senergy Audit at end March 2014

In 2014, Gulfsands plans in Morocco include

Rharb Basin Gas Exploration – Drilling based on new 3D seismic data

identify remaining gas prospects optimize drilling locations

Prerif Oil Exploration – Processing and interpretation of newly

acquired 650 km of 2D seismic – Additional seismic over leads identified

from this initial 2D programme – Selection of first light oil exploration well

location in Fes Permit Drilling Campaign – Re-processing of legacy seismic

Gulfsands: Morocco Exploration Plans for 2014

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Tunisia: Chorbane Permit Working Interest: 100% and Operator

Permit Area: ~1940 km2, after mandatory relinquishment of 490 km2

Opportunity: Competitive fiscal terms (PSC) Light oil exploration Attractive leads inventory

Fiscal Terms: Production Sharing Contract with R-factor (Profit

Oil/Total Costs) to determine Profit share Maximum Cost Recovery 40% for oil, 45% for gas Excess Cost Oil is treated as Profit Oil All Royalties and Corporation Tax paid by ETAP No Bank Guarantees

Working Interest: 70% (Operator)

Permit Area: ~1940 km2, after mandatory relinquishment of 490 km2 Opportunity:

Competitive fiscal terms (PSC) Attractive leads inventory

Forward Plans:

Complete current evaluation and plan 2D or 3D seismic programme

Acquire new seismic Q3-4 2013 Mature 1-2 exploration well locations in 2014 Possible farm down from 70% Drill 1-2 exploration wells in 2014 – 15

Sidi El Itayem Oilfield EUR ~50 MMbo

SDH-1 Dry Hole P&A 2012

R Factor Contractor Profit share %

<1 35.0%

1 to 1.5 30.0%

1.5 to 1.7 22.5%

1.7 to 2 18.0%

>2 15.0%

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Chorbane Permit: Exploration Plays

SDH-1 Dry Hole P&A 2012

Jurassic Nara: Low perm wet gas play

?

Lead A

SAG – Chaker trend: Oil potential

El Jem

Conventional Light Oil Plays Light oil play in Tertiary – Cretaceous

targets on the SAG – Chorbane trend Bireno trend light oil play for Mahares

South West Lead

Low Perm Wet Gas Play Gas flows have been obtained in old

wells from the Jurassic Nara argillaceous limestone in Chaal. This may extend onto Chorbane.

Forward Plans:

2D seismic programme of 106 km in 2014 seismic not part of MWP commitment

Mature 1-2 exploration well locations 1 well in MWP commitment

Drill at least one oil exploration well in 2015

Sidi El Itayem oilfield ~50 Mmbo 41 API oil

Bireno trend: Oil potential

Mahares SW

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Tunisia Prospective Resources: Chorbane Permit

Sidi Dhaher Deep

Lafaya Deep

Jurassic Nara Fm

Eocene Cherahill Fm (Oil Leg plus Gas Cap Case)

Chorbane Permit Net Unrisked Prospective Resources (MMbo) ExplorationProspect Horizon Working Interest Low Best High COSSidi Agareb Eocene Reineche 100% 4 10 21 18%

Eocene Cherahill/El Gueria 100% 2 10 25 25%Cretaceous Abiod 100% 1 4 8 9%

Cretaceous Aleg-Bireno 100% 1 3 9 13%Total Prospective Resources 100% 8 27 63

Chorbane Permit Net Unrisked Prospective Resources (bcf) ExplorationProspect Horizon Working Interest Low Best High COSLafaya Deep Jurassic Nara 100% 11 52 170 11%Sidi Dhaher Deep Jurassic Nara 100% 10 51 228 11%Total Prospective Resources 100% 21 103 398

Sidi Agareb

Tunisia Prospective Resources Audited by Senergy Group YE2013

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Gulfsands Chorbane Permit Resources Summary YE2013 Chorbane Permit Net Unrisked Prospective Resources (MMbo) ExplorationProspect Horizon Working Interest Low Best High COSSidi Agareb Eocene Reineche 100% 4 10 21 18%

Eocene Cherahill/El Gueria 100% 2 10 25 25%Cretaceous Abiod 100% 1 4 8 9%

Cretaceous Aleg-Bireno 100% 1 3 9 13%Sidi Agareb Total Prospective Resources 100% 8 27 63

Chorbane Permit Net Unrisked Prospective Resources (Bcf) ExplorationProspect Horizon Working Interest Low Best High COSLafaya Deep Jurassic Nara 100% 11 52 170 11%Sidi Dhaher Deep Jurassic Nara 100% 10 51 228 11%Jurassic Nara Total Prospective Resources 100% 21 103 398

Net Unrisked Prospective Resources (MMboe)Jurassic Nara Total Prospective Resources 100% 4 17 66

Chorbane Permit Net Unrisked Prospective Resources (MMboe)Working Interest Low Best High

Chorbane Permit Total Prospective Resources 100% 12 44 129

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Proposed 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

Colombia: Diversification of Portfolio

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LLA-50

PUT-14 Putumayo Basin

Award of Two Operated Blocks in 2013

Llanos Block 50 – 463.6 km2 Putumayo Block 14 – 513.7 km2 Prospective Areas for Oil Both blocks which are considered frontier in nature On trend with existing oil fields and new discoveries Relatively Good Fiscal 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 Work Programme 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

Colombia

Llanos Basin

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Production Licences and Oil Fields in Putamayo Basin The Putumayo Basin in Colombia is a part of a larger geological province formed by the Marañon Basin in Peru, and Oriente Basin in Ecuador. In the Colombia Putumayo Basin reserves of 365 million barrels of oil and 305 GCF have been reported in more than 35 fields.

GPX PUTAMAYO 14 BLOCK

Discoveries in the Oriente Basin in Ecuador are on trend towards Colombian Putamayo Blocks. Within Colombia, Cohembi and Platanillo Fields are producing oil fields that are analogues to structures identified in Block Putamayo-14

PLATANILLO FIELD DISCOVERY AND ECUADOR TREND

COHEMBI FIELD DISCOVERY AND ECUADOR TREND

Putumayo Block 14

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PT-14

25 km N

Platanillo Oil Field

Working hydrocarbon system-

Cretaceous source, Cretaceous Villeta Formation reservoirs, regional seal present

Proven abundant oil generation/migration in the basin

Poor seismic coverage - large gap between existing 2D seismic lines

But multiple reservoirs options, structures and strat plays identified that are analogous to existing regional producing oil fields

e.g. at Platanillo and Cohembi

Cohembi Oil Field

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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 20-30 km to southwest

LA HELIERA-1

YOLI- 1

STELLA-1

CENTRAL PROVINCE

CAÑO LIMON AREA

Llanos Block 50

Summary of Gulfsands Activity

Gulfsands onshore Morocco acreage will be the subject of a focused exploration effort during 2014 and beyond

The Morocco acreage portfolio fits with our Corporate strategic criteria: – Operatorship of onshore assets with a significant equity interest – Acreage is contiguous over a large area – Acreage incorporates a proven working petroleum system – Exploration potential for light oil – Plus near term gas exploitation / production potential – Regional infrastructure is already in place – Gulfsands can deploy their existing MENA expertise and skills set

In Colombia and Tunisia, seismic acquisition will be conducted to mature

drilling opportunities for medium/light oil

A busy phase of operational activity for Gulfsands in Morocco will commence in a few weeks from now....

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Thank You!