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Gulfsands Petroleum (GPX)

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Wednesday 17 January, 2018

Gulfsands Petroleum

Financing Update

RNS Number : 0613C
Gulfsands Petroleum PLC
17 January 2018
 

Certain statements included herein constitute "forward-looking statements" 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. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production or a decline in oil and gas prices. Gulfsands is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Andrew Morris, the Finance Director of the Company (responsible for arranging release of this announcement) at 5th Floor, 88 Kingsway, London, WC2B 6AA or on +44 20 7841 2727.

 

17th January 2018

 

GULFSANDS PETROLEUM PLC

 

Financing Update

 

Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas company with activities in Syria and Colombia, is pleased to announce that it has successfully completed the drawdown of the remaining £1.6 million available under the fourth and fifth tranches of its Secured Term Financing Facility.

 

On 16 February 2017 the Company announced that it had entered into a Secured Term Financing Facility (the "Facility") of up to £4 million (the "Facility") with its major shareholders (the "Lenders").

 

The Facility was broken down into five tranches of £800,000 each.  The first three tranches were drawn-down in the first half of 2017 and the final two tranches became available, subject to Lender re-approval, on 30 September 2017 and 31 December respectively.

 

The Company can today confirm that the Lenders have unanimously agreed to authorise the availability of both the outstanding tranches, and that the drawdowns have now been completed with all funds, namely the £1.6 million, having been received.

 

The Company has continued its rigorous attention to cost cutting and capital efficiency and expects the funds received to now fund it through to at least the middle of the year.

 

During the coming months, the Board will explore its further funding options and will update the market as appropriate.  It remains the intention of the Board to seek equity financing for the Group in due course.

 

For further information, please refer to the Company's website at www.gulfsands.com or contact:

 

Gulfsands Petroleum Plc

+44 (0)20 7841 2727

John Bell, Managing Director

Andrew Morris, Finance Director

James Ede-Golightly, Non-Executive Chairman

 


Cantor Fitzgerald Europe

+44 (0)20 7894 7000

Sarah Wharry / David Porter

 


Camarco

+44 (0)20 3757 4983

Billy Clegg / Owen Roberts


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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