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Gulfsands Petroleum finalises funding extension, moves to de-list shares from AIM
Oil and gas company Gulfsands Petroleum has finalised a £4m extension to its existing secured term financing facility from its major shareholders at the same time that it moved to have its shares de-listed from AIM, a decision supported by all three of its major shareholders.
Gulfsands, which established a Syrian oil field prior to war breaking out across the country, announced the facility, backed by investors ME Investments, Waterford Finance and Investment Limited and Blake Holdings, which together hold an 83% interest in the group.
The London-based firm reiterated its commitment to its Syria operations, stating that it was planning to work with closely with the international community in order to return to the Middle Eastern nation as soon as possible.
Gulfsands also announced its intention to look into further potential acquisitions.
Gulfsands independent director, Joe Darby, said "In the context of reviewing the future financing of the company, and its medium-term strategic objectives, an independent committee of the board was established to consider the proposal to delist the company's shares from AIM.
"The committee concluded that there was minimal benefit in currently being listed particularly in the context of access to funding from the broader capital markets, given that the only recent material sources of finance have been the major shareholders who have once again shown their commitment to the company through the facility extension," he added.
As of 1140 GMT, shares had plummetted 55.56% to 2.00p.