Gulfsands Petroleum PLC Update on Management Change (6226N)

TIDMGPX

RNS Number : 6226N

Gulfsands Petroleum PLC

19 May 2015

Gulfsands Petroleum Plc

Update on Management Change

19 May, 2015: Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company", AIM: GPX), the oil and gas company with activities in Syria, Morocco, Tunisia and Colombia, provides an update on previously announced management changes.

On 14 April 2015 the Company advised that Mr Mahdi Sajjad had been removed from his role as the Company's Chief Executive. The Company has been advised by Mayer Brown International LLP, acting on behalf of Mr Sajjad, the action taken on 13 April 2015 constituted a material adverse change to Mr Sajjad's employment which he had not consented to; furthermore, Mr Sajjad has elected to treat his employment contract terminated on 8 May 2015 and that certain payments are now due under his employment contract. The Company will seek legal advice on this matter and make further announcements when appropriate.

Mr Sajjad remains a director of Gulfsands Petroleum plc.

 
 Gulfsands Petroleum Plc 
  Alastair Beardsall, Chairman    +44 (0)20 7024 2130 
 Cantor Fitzgerald Europe 
  Sarah Wharry 
  David Porter                    +44 (0)20 7894 7000 
 First Energy Capital 
  Jonathan Wright                 +44 (0)20 7448 0220

This information is provided by RNS

The company news service from the London Stock Exchange

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