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Don't have an account? Click here to register.Gulfsands Petroleum shares slump 16% after it warns on finances
Fri, 20th Mar 2015 08:45
Shares in Gulfsands Petroleum slumped 16% to trade at 2195p after the oil and gas producer warned on finances, saying it needs $15m in new capital to fund its planned operational activities over the next 12 months.The company which operates in Syria, Morocco, Tunisia and Colombia, said the need for new working capital funding is "immediate" and discussions with shareholders are "underway urgently" to secure necessary funds.The cash call comes after Gulfsands Petroleum said it's got $3m for new capital after deduction of current liabilities."In order for the group to implement the anticipated minimum work programme for Morocco, set out above, excluding the acquisition of new seismic data on the Fes block, it will need to invest approximately $11m in capital expenditure over the next 12 months with much of this to be committed to in the next three to six months," the company added.Gulfsands Petroleum will need to fund its business running costs for the next twelve months, "including the one-off costs of the restructuring of our corporate overhead and of our operations in Tunisia and Colombia, which are estimated to total $8.5m."It added that if the company were to reduce the scope of its activities to simple "care and maintenance" of the Syrian assets, these running costs could be reduced dramatically further.Worse still for the company, it said that lenders behind its 'Arawak Energy Loan Facility' which stands at $10m, have requested that Gulfsands provide them with proposals for the repayment of the outstanding loan balance. "Inclusive of interest and pre-payment penalties the loan balance to be settled could amount to $11 million. This amount is in addition to the operational funding requirement," the company said.
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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 more19 Oct 2016 11:33
Gulfsands Petroleum agrees farm-out from Colombian block
(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 o
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
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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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