Gulfsands Petroleum PLC Finance Update (4699D)
April 27 2017 - 2:00AM
UK Regulatory
TIDMGPX
RNS Number : 4699D
Gulfsands Petroleum PLC
27 April 2017
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
GBP4 million (the "Facility") with its major shareholders (the
"Lenders").
The entire Facility was available for drawdown by the Company in
five equal tranches of GBP800,000 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSELFWMFWSESL
(END) Dow Jones Newswires
April 27, 2017 02:00 ET (06:00 GMT)
Gulfsands Petroleum (LSE:GPX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gulfsands Petroleum (LSE:GPX)
Historical Stock Chart
From Jul 2023 to Jul 2024