GULFSANDS PETROLEUM PLC
Gulfsands Petroleum plc (“Gulfsands” or the “Company“), the oil and gas company focused on the Levant region, is pleased to announce the completion of the farmout of its Putumayo 14 licence (“PUT-14”) in Colombia to Amerisur Exploracion Colombia Limitada, a subsidiary of Amerisur Resources plc (“Amerisur”), under the Farmout Agreement previously announced on 30 July 2018.
Under the terms of the Farmout Agreement, Gulfsands has transferred its entire participating interest and operatorship of the PUT-14 licence to Amerisur. Gulfsands has made a capped contribution to the short-term costs of the business and has also transferred the funds supporting a Letter of Credit, which secures the PUT-14 licence with ANH, to Amerisur. In return, Gulfsands is now relieved of its obligation to fund the $16.1million minimum work program on the PUT-14 licence.
Managing Director, John Bell said, “We are delighted to have completed this transaction which allows us to further focus our capital, and management attention and bandwidth on our core business in the Levant region.”
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
|Camarco||+44 (0)20 3757 4983|
|Billy Clegg / Owen Roberts|
Certain statements included herein constitute “forward-looking statements” concerning the Company 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. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Gulfsands’ ability to control or estimate precisely, such as general economic and market conditions in various countries and regions, political risks, environmental and physical risks, legislative, fiscal and regulatory developments, drilling and production results, reserves estimates, changes in demand for Gulfsands’ products, increased costs of production or price fluctuations in crude oil and natural gas. Gulfsands cannot give any assurance that such forward-looking statements will prove to be correct. Gulfsands does not undertake any obligation to update or revise publicly any forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.