Statement re PUBLIC OPENING POSITION DISCLOSURE...
FORM 8 (OPD)
Immediate Release 4 May 2010
GULFSANDS PETROLEUM PLC
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1.KEY INFORMATION
+------------------------------------------------------+-----------------------+
|(a)Â Â Â Â Identity of the party to the offer making the |GULFSANDS PETROLEUM PLC|
|disclosure: | |
+------------------------------------------------------+-----------------------+
|(b)Â Â Â Â Owner or controller of interests and short |Â |
|positions disclosed, if different from 1(a): | |
|Â Â Â Â The naming of nominee or vehicle companies is | |
|insufficient | |
+------------------------------------------------------+-----------------------+
|(c)Â Â Â Â Name of offeror/offeree in relation to whose |GULFSANDS PETROLEUM PLC|
|relevant securities this form relates: | |
|Â Â Â Â Use a separate form for each party to the offer | |
+------------------------------------------------------+-----------------------+
|(d)Â Â Â Â Is the party to the offer making the disclosure|OFFEREE |
|the offeror or the offeree? | |
+------------------------------------------------------+-----------------------+
|(e)Â Â Â Â Date position held: |4th May 2010 |
+------------------------------------------------------+-----------------------+
|(f)Â Â Â Â Has the party previously disclosed, or is it |NO |
|today disclosing, under the Code in respect of any |If YES, specify which: |
|other party to this offer? | |
+------------------------------------------------------+-----------------------+
2.POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a)Interests and short positions in the relevant securities of the offeror or
offeree to which the disclosure relates
+---------------------------------------------------+-----------------------+
|Class of relevant security: | Â |
|Â | |
+---------------------------------------------------+---------+-------------+
|Â |Interests| Short |
|Â | | positions |
| +------+--+------+------+
| |Number|% |Number| % |
+---------------------------------------------------+------+--+------+------+
|(1)Â Â Â Â Relevant securities owned and/or controlled:| Â |Â | Â | Â |
+---------------------------------------------------+------+--+------+------+
|(2)Â Â Â Â Derivatives (other than options): | Â |Â | Â | Â |
+---------------------------------------------------+------+--+------+------+
|(3)Â Â Â Â Options and agreements to purchase/sell: | Â |Â | Â | Â |
+---------------------------------------------------+------+--+------+------+
|Â | Â |Â | Â | Â |
|Â Â Â Â TOTAL: | | | | |
+---------------------------------------------------+------+--+------+------+
All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or agreements to purchase or
sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).
Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
(b)Rights to subscribe for new securities
+---------------------------------------------------------------------------+-+
|Class of relevant security in relation to which subscription right exists: |Â |
+---------------------------------------------------------------------------+-+
|Details, including nature of the rights concerned and relevant percentages:|Â |
+---------------------------------------------------------------------------+-+
If there are positions or rights to subscribe to disclose in more than one class
of relevant securities of the offeror or offeree named in 1(c), copy table 2(a)
or (b) (as appropriate) for each additional class of relevant security.
(c)Irrevocable commitments and letters of intent
+------------------------------------------------------------------------------+
|Details of any irrevocable commitments or letters of intent procured by the |
|party to the offer making the disclosure or any person acting in concert with |
|it (see Note 3 on Rule 2.11 of the Code): |
+------------------------------------------------------------------------------+
|Â |
|Â |
|Â |
+------------------------------------------------------------------------------+
3.POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE
DISCLOSURE
+------------------------------------------------------------------------------+
|Details of any interests, short positions and rights to subscribe of any |
|person acting in concert with the party to the offer making the disclosure: |
+------------------------------------------------------------------------------+
|Â |
+------------+---------------+-------------+------------+----------------------+
|Â |Ordinary Shares|Share Options|Option Price|Exercise Period |
+------------+---------------+-------------+------------+----------------------+
|Andrew West |- |125,000 |£1.45 |14/02/2006 to |
| | | | |13/02/2011 |
+------------+---------------+-------------+------------+----------------------+
| | |75,000 |£1.04 |25/07/2006 to |
| | | | |24/07/2011 |
+------------+---------------+-------------+------------+----------------------+
| | |1,000,000 |£1.88 |13/05/2008 to |
| | | | |12/05/2013 |
+------------+---------------+-------------+------------+----------------------+
+------------+---------------+-------------+------------+----------------------+
|Mahdi Sajjad|8,655,268 |1,000,000 |£1.88 |13/05/2008 to |
| | | | |12/05/2013 |
+------------+---------------+-------------+------------+----------------------+
The interest of Mahdi Sajjad includes shares held by Nordman Continental S.A.
and share options granted to Nordman Continental S.A., a company owned by a
trust of which Mahdi Sajjad's children are potential beneficiaries.
+------------+---------------+-------------+------------+----------------------+
|Ric Malcolm |150,000 |600,000 |£1.86 |15/10/2008 to |
| | | | |14/10/2013 |
+------------+---------------+-------------+------------+----------------------+
| | |375,000 |£1.86 |15/10/2009 to |
| | | | |14/10/2013 |
+------------+---------------+-------------+------------+----------------------+
| | |375,000 |£1.86 |15/10/2010 to |
| | | | |14/10/2013 |
+------------+---------------+-------------+------------+----------------------+
+------------+---------------+-------------+------------+----------------------+
|Andrew Rose |600,000 |300,000 |£1.80 |08/05/2008 to |
| | | | |07/05/2013 |
+------------+---------------+-------------+------------+----------------------+
| | |250,000 |£1.80 |08/05/2009 to |
| | | | |07/05/2013 |
+------------+---------------+-------------+------------+----------------------+
| | |250,000 |£1.80 |08/05/2010 to |
| | | | |07/05/2013 |
+------------+---------------+-------------+------------+----------------------+
+------------+---------------+-------------+------------+----------------------+
|Ken Judge |3,966,750 |400,000 |£0.96 |18/10/2006 to |
| | | | |17/10/2011 |
+------------+---------------+-------------+------------+----------------------+
| | |600,000 |£1.88 |13/05/2008 to |
| | | | |12/05/2013 |
+------------+---------------+-------------+------------+----------------------+
The interest of Ken Judge includes shares held by Hamilton Capital Partners
Limited, a company of which Ken Judge is a director.
+------------+---------------+-------------+------------+----------------------+
|D Cowan |441,750 |125,000 |£1.45 |14/02/2006 to |
| | | | |13/02/2011 |
+------------+---------------+-------------+------------+----------------------+
| | |400,000 |£1.88 |13/05/2008 to |
| | | | |12/05/2013 |
+------------+---------------+-------------+------------+----------------------+
If there are positions or rights to subscribe to disclose in more than one class
of relevant securities of the offeror or offeree named in 1(c), copy table 3 for
each additional class of relevant security.
Details of any open derivative or option positions, or agreements to purchase or
sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).
Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
4.OTHER INFORMATION
(a)Indemnity and other dealing arrangements
+------------------------------------------------------------------------------+
|Details of any indemnity or option arrangement, or any agreement or |
|understanding, formal or informal, relating to relevant securities which may |
|be an inducement to deal or refrain from dealing entered into by the party to |
|the offer making the disclosure or any person acting in concert with it: |
|If there are no such agreements, arrangements or understandings, state "none" |
+------------------------------------------------------------------------------+
|Â |
|None |
|Â |
+------------------------------------------------------------------------------+
(b)Agreements, arrangements or understandings relating to options or derivatives
+------------------------------------------------------------------------------+
|Details of any agreement, arrangement or understanding, formal or informal, |
|between the party to the offer making the disclosure, or any person acting in |
|concert with it, and any other person relating to: |
|(i)Â Â Â Â the voting rights of any relevant securities under any option; or |
|(ii)Â Â Â Â the voting rights or future acquisition or disposal of any relevant |
|securities to which any derivative is referenced: |
|If there are no such agreements, arrangements or understandings, state "none" |
+------------------------------------------------------------------------------+
|Â |
|None |
|Â |
+------------------------------------------------------------------------------+
(c)Attachments
Are any Supplemental Forms attached?
+--------------------------------------+----+
| Supplemental Form 8 (Open Positions) | NO |
+--------------------------------------+----+
| Supplemental Form 8 (SBL) | NO |
+--------------------------------------+----+
++------------------------------------+
|| 4th May 2010 |
++------------------------------------+
|| John Bottomley - Company Secretary |
++------------------------------------+
|| 020 7264 4365 |
++------------------------------------+
Public disclosures under Rule 8 of the Code must be made to a Regulatory
Information Service and must also be emailed to the Takeover Panel
atmonitoring@disclosure.org.uk <mailto:monitoring@disclosure.org.uk>. Â The
Panel's Market Surveillance Unit is available for consultation in relation to
the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website atwww.thetakeoverpanel.org.uk
<
http://www.thetakeoverpanel.org.uk/>.
[HUG#1411586]
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