UK-listed Gulfsands Petroleum said Tuesday that its oil reserves are 10 million bbl higher than it previously estimated, bolstering management's argument that an earlier bid approach was inadequate. In announcing results for 2009, the company said proven and probable working interest reserves in its Syrian concessions amount to 46 million bbl, 31% up on earlier estimates. The increase boosts its total reserves by 25% to 50.7 million bbl.
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