Gulfsands Petroleum PLC Licence Update (6658O)
09 November 2016 - 3:35AM
UK Regulatory
TIDMGPX
RNS Number : 6658O
Gulfsands Petroleum PLC
08 November 2016
GULFSANDS PETROLEUM PLC
Licence Update
8 November 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, provides the following update
regarding its oil and gas licences in Colombia and Morocco.
Colombia - Llanos 50
The First Exploration Phase of the Llanos 50 Exploration and
Production of Hydrocarbons Contract No 1 of 2013 (the "LLA-50
Contract") expired on 7(th) November 2016 with certain minimum work
obligations outstanding. The Company is in active dialogue with
Agencia Nacional de Hidrocarburos in Colombia ("ANH") with respect
to extending this First Exploration Phase and amending the minimum
work programme in order to allow further time for the Company to
fulfil its obligations under the LLA-50 Contract.
The Company will update the market in due course as to the
outcome of this dialogue.
Morocco - Moulay Bouchta
As previously disclosed in the Group's Interim Report, an
agreement has been reached with Office National des Hydrocarbures
et des Mines ("ONHYM"), subject to the usual government approvals
and certain conditions precedent, to extend the duration of the
Initial Phase of the Exploration Period of Moulay Bouchta, from two
years to three years.
The Group confirms that all conditions precedent have now been
satisfied, and it is now awaiting approval of the extension from
ONHYM.
The effect of the extension, should it be approved, will be that
the Initial Phase will be extended by 12 months, to now run to 19
June 2017, with a revised work programme for the extended Initial
Phase consisting of:
-- acquisition of 200 km 2D line seismic;
-- reprocessing and interpretation of selected legacy 2D seismic data; and
-- legacy field study with the aim to identify any potential for re-activation.
The Company will update the market when official approval has
been received.
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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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