27 Apr 2017 07:00
GULFSANDS PETROLEUM PLC
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 4th Floor, 1 Royal Exchange Avenue, London EC3V 3LT or on +44 (0) 207 464 4490.
Financing Update
27 April 2017
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 successfully completed the third drawdown under its previously announced 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 entire Facility was available for drawdown by the Company in five equal tranches of £800,000 each. The first tranche was available immediately, with the further tranches being available on or after 31 March 2017, 30 June 2017, 30 September 2017 and 31 December 2017 respectively. The first two tranches were committed by the Lenders, while the final three tranches were subject to re-approval by each of the Lenders prior to each drawdown request.
The first two tranches have already been utilised on their due dates and the Company can today confirm that the Lenders have unanimously agreed to allow the third tranche to be drawn down ahead of the scheduled date of 30 June, 2017. This third drawdown has now been completed.
The timing of the drawdown is to assist the Company with working capital requirements and does not change the Board's view that, based on current forecasts, if fully drawn down, the Facility is anticipated to fund the Company through to the first half of 2018. 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 7464 4490 |
John Bell, Managing Director Andrew Morris, Finance Director James Ede-Golightly, Non-Executive Chairman | |
Cantor Fitzgerald Europe Sarah Wharry Craig Francis | +44 (0)20 7894 7000 |