BRIEF-Gulfsands says Samarium to take 70 pct stake in Colombian contract
Oct 19 (Reuters) - Gulfsands Petroleum Plc :
* Colombia Farmout agreement signed
* Has signed a Farmout agreement relating to Colombian, Putumayo-14 exploration and production of hydrocarbons contract no 2 of 2013
* Under terms of Farmout agreement Samarium will initially take 70 pct participating interest in Put-14 contract for nil consideration
* Says Gulfsands has granted Samarium an option to acquire remaining 30 pct interest in Put-14 contract
* Prior to exercise of option, Samarium will fund 100 pct of minimum exploration program costs up to a cap of $16.1 mln Source text for Eikon: Further company coverage: (Bengaluru Newsroom)
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