Petroleum plc (“Gulfsands”
or the “Company“, the “Group”), the oil and gas company
focused on the Middle East region, is pleased to announce that at its General
Meeting (“AGM”) held yesterday at the offices
of Pinsent Masons LLP at 30 Crown Place, Earl Street, London EC2A 4ES, all
resolutions put before the meeting were duly passed.
allows the Company to proceed with securing the financing of approximately £4
million to fund the Company for the next two years (the “Financing”).
amendment to the 2017 Secured Financing Facility, as outlined in the General
Meeting Circular, and which provides for additional funding of £3 million in
three tranches, each available on 30 June 2020, 31 December 2020 and 30 June
2021 respectively, has been duly executed effective today, 29 November 2019. The equity placing of £1.1 million (the “Placing”)
will now proceed with an anticipated closing date of 13 December 2019.
explained in the General Meeting Circular, shareholders have the opportunity to
participate in the Placing through the Asset Match platform, subject to certain
conditions being satisfied. The closing date for any applications for the
Placing must be received by Asset Match by 4pm on 5 December 2019.
the General Meeting Circular are still available to download from the Company’s
In light of
the upcoming Placing, the regular periodic Asset Match auction has been postponed
until after the conclusion of the Placing.
Further details will be posted in due course on the Company’s website and
on the Asset Match website at www.assetmatch.com.
For further information, please refer to the Company’s website at www.gulfsands.com or contact:
Gulfsands Petroleum Plc
+44 (0)20 3008 4555
| John Bell, Managing Director |
Andrew Morris, Finance Director
James Ede-Golightly, Non-Executive Chairman
+44 (0)20 3757 4983
Billy Clegg / Owen Roberts
Certain statements included herein constitute “forward-looking
statements” concerning the Company 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. These
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those expressed or implied in such
forward-looking statements. Many of these risks and uncertainties relate to
factors that are beyond Gulfsands’ ability to control or estimate precisely,
such as general economic and market conditions in various countries and
regions, political risks, environmental and physical risks, legislative, fiscal
and regulatory developments, drilling and production results, reserves
estimates, changes in demand for Gulfsands’ products, increased costs of
production or price fluctuations in crude oil and natural gas. Gulfsands cannot
give any assurance that such forward-looking statements will prove to be
correct. Gulfsands does not undertake any obligation to update or revise
publicly any forward-looking statements set out herein, whether as a result of
new information, future events or otherwise, except as required by applicable