Placing to raise approximately £1.5 millionAugust 10th, 2016

Gulfsands Petroleum plc (“Gulfsands”, the “Group” or the “Company” – AIM : GPX), the oil and gas company with activities in Syria, Tunisia, Colombia and Morocco, is pleased to announce that it has today received commitments to raise approximately £1.5 million by a placing of 47,272,344 new ordinary shares at 3.125 pence per share (“Placing Shares”), the mid-market closing price per ordinary share on 9 August 2016 (the “Placing”).

The Placing Shares have been subscribed for by existing shareholders in the Company, Waterford Finance & Investment Limited, companies owned and/or controlled by Richard Griffiths, and ME Investments Limited (together the “Significant Shareholders”), and the proceeds will be used for general working capital purposes.

Application has been made for the admission of the Placing Shares to trading on AIM and dealings are expected to commence on 16 August 2016.

The subscription for the Placing Shares by the Significant Shareholders is considered a related party transaction pursuant to the AIM Rules. The independent Directors of Gulfsands consider, having consulted with the Company’s Nominated Adviser, that the terms of the Placing are fair and reasonable insofar as the shareholders of Gulfsands are concerned.

Following the Placing the total number of ordinary shares in the Company in issue is 519,995,785 and the interests of the Significant Shareholders are as follows:

Shareholder Number of ordinary shares before Placing Percentage of ordinary shares before Placing Number of Placing Shares subscribed for in the Placing Number of ordinary shares held following Placing Percentage of Enlarged Share Capital
Waterford 184,271,626 38.98% 9,770,992 194,042,618 37.32%
Griffiths 148,779,245 31.47% 14,877,924 163,657,169 31.47%
ME Investment 50,000,000 10.58% 22,623,428 72,623,428 13.97%
Others 89,672,570 18.97% 0 89,672,570 17.24%
Total 472,723,441 100.00% 47,272,344 519,995,785 100.00%

 

For further information, please contact:

Gulfsands Petroleum Plc

John Bell, Managing Director
Andrew Morris, Finance Director
James Ede-Golightly, Non-Executive Chairman

+44 (0)20 7464 4490
Cantor Fitzgerald Europe

Sarah Wharry
Craig Francis

+44 (0)20 7894 7000

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.