GULFSANDS PETROLEUM PLC
Colombia Farmout Agreement Signed
19 October 2016
Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas company with activities in Syria, Tunisia, Colombia and Morocco, today announces that it has signed a Farmout Agreement relating to the Colombian, Putumayo-14 Exploration and Production of Hydrocarbons Contract No 2 of 2013, (the "PUT-14 Contract").
The Farmout Agreement has been agreed with Samarium Energy & Resources Corporation, a fully owned subsdiary of Samarium Tennessine Corporation and Samarium Investment Corporation, acting as Guarantor (together "Samarium"). The Company has also simultaneously entered into a Joint Operating Agreement ("JOA") with Samarium Energy & Resource Corporation regarding the operations of the PUT-14 Contract.
All Agreements are subject to various closing conditions including the approval of the Agencia Nacional de Hidrocarburos in Colombia ("ANH") and the Company will update the market as and when those conditions are met or otherwise waived.
Under the terms of the Farmout Agreement:
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 |
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Cantor Fitzgerald Europe Sarah Wharry Craig Francis |
+44 (0)20 7894 7000 |
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.