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Don't have an account? Click here to register.Gulfsands Petroleum agrees farm-out from Colombian block
Wed, 19th Oct 2016 11:33
(ShareCast News) - Gulfsands Petroleum has agreed a farm-out agreement for one of its two Colombian projects with Canada's Samarium Tennessine.Samarium will take a 70% interest in the Putumayo-14 Exploration and Production of Hydrocarbons project (PUT-14) contract and fund all the exploration and other related costs up to $16.1m with an option to take a full 100% participating interest.In order to acquire the remaining 30%, subject to approval by Colombia's regulator, Samarium will need to replace the $1.7m letter of credit in place to guarantee performance under the PUT-14 contract.On the valid exercise of the option, Samarium shall hold a 100% operating interest in the contract.The pair have also agreed a joint operating agreement and, prior to the exercise of the option, Gulfsands will remain the license operator and Samarium will become technical operator, with the intention of both sides that the Canadians will ultimately assume full operatorship covering both responsibilities.The first exploration phase of Block 14, which lies on Colombia's border with Ecuador, is due to expire in November 2017 with a minimum work obligation of 93 km of 2D seismic data to be captured in a new survey and the drilling of one exploration well.Shares in the company popped 16% to 3.34p by 1230 BST on Wednesday.
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21 Mar 2018 09:51
Gulfsands Petroleum Shares Drop As It Plans To De-List From AIM
LONDON (Alliance News) - Gulfsands Petroleum PLC shares plunged on Wednesday as the firm said it plans to become a private company, and has secured funding through to 2020 to
Read more16 Feb 2017 08:20
Gulfsands funded to 2018 with new £4m facility
(ShareCast News) - Syria, Tunisia, Colombia and Morocco-focussed oil and gas company Gulfsands Petroleum announced on Thursday that it finalised a secured term facility of up to £4m with its major shareholders. The AIM-traded firm confirmed the lenders as Waterford Finance & Investment, Blake Holdin
Read more15 Feb 2017 16:07
Gulfsands secures extension to Moulay Bouchta agreement
(ShareCast News) - Syria, Tunisia, Colombia and Morocco-focussed oil and gas company Gulfsands Petroleum announced on Wednesday that its subsidiary, Gulfsands Petroleum Morocco, had been awarded an extension to its Moulay Bouchta Petroleum Agreement, together with a revised work programme. The AIM-t
Read more16 Aug 2016 10:28
Debt-free Gulfsands Petroleum maintains interest in Syria
(ShareCast News) - Oil and gas explorer Gulfsands Petroleum said it was debt free at the half-year stage, as it maintained its interest in Syria and continued to streamline its operations in a bid to reduce its rate of 'cash-burn'. On 14 January the company was admitted to AIM and over 354m shares w
Read more28 Apr 2016 15:00
3 Apr 2016 16:33
Sunday newspaper round-up: Interest rates, Tata, Premier Foods, G4S, Centrica
(ShareCast News) - The Bank of England will hold interest rates at their current historic low for three more years, according to the market's current predictions. Judging by the overnight deposit rates that banks are charged to hold their cash at the central bank, which indicates market predictions
Read more20 Mar 2016 16:56
Sunday newspaper round-up: Rolls-Royce, Whitbread, Britvic, LSE
(ShareCast News) - Rolls-Royce has put forward detailed proposals to the government to fill some of the UK's power shortage with a fleet of small reactors built around the company's expertise in generating power for Royal Navy submarines. With the escalating costs and timing of the £18bn Hinkley Poi
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