BRIEF-Gulfsands Petroleum faces challenges securing new funds to repay Arawak loan

miércoles 20 de mayo de 2015 02:40 GYT
 

May 20 (Reuters) - Gulfsands Petroleum Plc

* FY pretax loss from continuing operations $12.1 million versus $25.4 million loss year ago

* Group working interest proved plus probable reserves of 73.5 MMBOE

* Total cash resources at year end of $19.4 million

* Shall seek to farm-out assets we hold in Colombia and Tunisia

* Syrian assets remain shut-in and secure during continuation of sanctions

* Remains committed to maintaining its presence in Syria, and it considers its partnership with general petroleum corporation

* Group faces challenges over coming months, including seeking extensions to licences and completing our work programmes

* Faces challenges securing new funds sufficient to repay Arawak loan facility and provide working capital to allow progress on some asset Source text for Eikon: Further company coverage: