BRIEF-Gulfsands Petroleum H1 loss widens

miércoles 5 de agosto de 2015 09:34 GYT

Aug 5 (Reuters) - Gulfsands Petroleum Plc :

* H1 pretax loss from continuing operations 31.3 million USD versus 7.2 million USD loss year ago

* Group working interest proved plus probable reserves of 73.5 mmboe

* Initiated farm-out process for Moroccan and Colombian assets

* Company is preparing to raise approximately $22 million via an open offer to all shareholders

* Currently engaged in discussions to restructure minimum work obligations and to bring in partners to reduce group's net exposure to such obligations

* Alternatively, it may divest itself of assets as is deemed necessary

* Group may therefore be unable to realise their assets and discharge their liabilities in normal course of business

* Directors conclude that at this time there is material uncertainty that finance can be procured

* Failure to secure funding might cast significant doubt upon company's and group's ability to continue as a going concern Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +44 207 542 1810)