Update on Management Change

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	[phone]
Cantor Fitzgerald Europe Sarah Wharry David Porter	[phone]
First Energy Capital Jonathan Wright	[phone]

 

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