Immediate Release 29 April 2008
Gulfsands Petroleum plc
PLACING OF 5.5 MILLION NEW SHARES AT 170 P PER SHARE TO RAISE £9.35
MILLION (US$ 18.55 MILLION)
London, 29th April, 2008: Gulfsands Petroleum plc (AIM: GPX)
("Gulfsands", "the Group" or "the Company"), the oil and gas
production, exploration and development company with activities in
the Middle East and the USA, is pleased to announce the placing of
5.5 million new shares with affiliated investment funds of Och Ziff
Capital Management Group to raise £9.35 million (US$ 18.55 million.)
The Company has agreed to place 5.5 million new shares of 5.714p each
in the Company ("the Placing Shares") at a placing price of 170 p per
share with affiliated investment funds of Och Ziff Capital Management
Group ("Och Ziff").
The total investment by Och Ziff will be £9.35 million (US $ 18.55
million.)
The proceeds of the placing, which are not subject to any third party
commissions or fees, will be available for general corporate
purposes, with a particular emphasis on the Company's activities in
Iraq.
Completion of the subscription for the Placing Shares is anticipated
to occur on or about 30 April 2008, following which application will
be made for the Placing Shares to be admitted to trading on AIM.
Trading in the Placing shares is due to commence on 5 May 2008.
Gulfsands' Chairman, Andrew West, said:
"I am delighted to welcome Och Ziff as a major shareholder and
potential strategic partner. They are one of the world's pre-eminent
alternative investment groups, with outstanding credentials."
For more information please contact:
Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002
Buchanan Communications Limited (London) +44 (0)20-7466-5000
Bobby Morse
Nick Melson
RBC Capital Markets (London) +44 (0)20-7653 4804
Andrew K. Smith
Sarah Wharry
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.
More information can be found on the Company's website
www.gulfsands.net.
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