BRIEF-Gulfsands says Samarium to take 70 pct stake in Colombian contract

miércoles 19 de octubre de 2016 05:33 GYT

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)