Gulfsands Petroleum PLC Llanos-50 Contract 18 Month Extension Confirmed (6592E)
May 10 2017 - 2:00AM
UK Regulatory
TIDMGPX
RNS Number : 6592E
Gulfsands Petroleum PLC
10 May 2017
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.
GULFSANDS PETROLEUM PLC
Llanos-50 Contract 18 Month Extension Confirmed
10 May 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 provide the
following update regarding its Llanos-50 Contract in Colombia.
In Colombia, the Group has interests in the Putumayo-14
Exploration and Production of Hydrocarbons Contract No 2 of 2013,
(the "PUT-14 Contract") and the Llanos-50 Exploration and
Production of Hydrocarbons Contract No 1 of 2013, (the "LLA-50
Contract").
As previously reported, the Phase I of the LLA-50 Contract
expired in November 2016 and the Group has been in discussions with
Agencia Nacional de Hidrocarburos ("ANH") since then, to secure an
extension to the license contract. Gulfsands had proposed to
increase the Minimum Work Programme for Phase 1, by adding 52 km of
additional 2D seismic, with an estimated cost of approximately $1.4
million, in exchange for an extension to the Phase 1 period of 18
months. Gulfsands is pleased to announce that it has been informed
by ANH that this proposal has been accepted, and that it is has now
completed all formalities, including the provision of appropriate
Financial Guarantee arrangements to consummate the 18 month
extension. The Phase 1 period will now run to May 2018.
In anticipation of the formalisation of the extension, the Group
has already commenced work on reprocessing legacy seismic, and has
begun tendering for the initial environmental work and expects to
commence this work shortly.
The Company continues to seek a partner for the LLA-50 Contract
and any interested parties are invited to contact the company
directly for further details.
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
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