Gulfsands mulls a rights issue

LONDON-listed oil producer Gulfsands yesterday warned it might have to issue new shares after the Syria conflict hit revenues.

It said it had not made “any significant revenue” in the past two and a half years, and as a result was looking at “all sensible options” for improving its cash position.

The bulk of Gulfsands operations are in Syria, and it has not been able to operate there since December 2011. It said it would only do a rights issue “on terms that make commercial sense and with an emphasis on minimising dilution”.