Showing posts with label Gulfsands Petroleum: Financing redesign and task of Arawak credit office. Show all posts
Showing posts with label Gulfsands Petroleum: Financing redesign and task of Arawak credit office. Show all posts

Monday, July 6, 2015

Gulfsands Petroleum: Financing redesign and task of Arawak credit office

Gulfsands Petroleum Plc ("Gulfsands" or the "Organization"), the Point recorded oil and gas organization (AIM:GPX) with exercises in Syria, Morocco, Tunisia and Colombia, is satisfied to furnish the accompanying upgrade as to a proposed financing and the task of the US$20 million Office Concurrence with Arawak Vitality Bermuda Constrained ("Arawak Credit Office").

Proposed Financing

The Organization keeps on decreasing the expense presentation to its investigation resources by means of a farmout/divestment procedure and the fundamental general and managerial costs. Be that as it may, the Organization has embraced to reimburse the Arawak Advance Office and obliges extra subsidizing to reimburse leasers and for working capital purposes.

The Organization is get ready to raise up to US$22 million, the greater part of which will be by means of a putting to institutional speculators ("Setting") with a littler component being an open offer to all shareholders ("Open Offer") (together the "Gathering pledges"). The Organization hopes to post a roundabout to shareholders amid July 2015 with points of interest of the Gathering pledges and a notification of a phenomenal meeting to sanction the resolutions to encourage the Raising support.

Task of the Arawak Office

In November 2014 the Organization went into a Key Participation Concurrence with Arawak Worldwide Restricted ("Arawak Collaboration Assention") and the Arawak Advance Office, and has drawn down US$10 million under the Arawak Advance Office. In January 2015, Arawak Global Constrained ended the Arawak Participation Assention and Arawak Vitality Bermuda Restricted exhorted the Organization that they would not propel any further subsidizes under the Arawak Advance Office and that it would be looking for reimbursement of the office.

On 29 June 2015 the Organization was exhorted by Arawak Vitality Bermuda Restricted that it had gone into a task understanding ("Task") with Weighbridge Trust Constrained ("Weighbridge"), which is going about as specialists for Waterford Fund and Speculation Constrained ("Waterford") and Mr. Richard Griffiths (and organizations possessed and controlled by him) ("Griffiths"). Under the Task, Weighbridge will procure the Arawak Credit Office for the advantage of Waterford and Griffiths. It remains the expectation of the Organization to reimburse the Arawak Credit Office when the Raising money is finished. Waterford and Griffiths, as existing shareholders in the Organization, gained the Arawak Credit Office on this premise, and they have given a firm undertaking to subscribe for up to US$11 million of new partakes in Gulfsands as a component of the proposed Raising money to encourage reimbursement of the office in full.

Gulfsands Administrator, Alastair Beardsall, said:

"We keep on gaining ground in rebuilding the business by trying to homestead out hobbies in our benefits in Morocco, Tunisia and Colombia to guarantee the different activities are suitably financed to meet their agreement commitments. We will keep on holding our enthusiasm for Square 26 Syria. We expect, taking after the task of the advance office to have the capacity to draw down some constrained between time subsidizing to support the business before the gathering pledges."

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