Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Arawak ends Gulfsands agreement

Post Thumbnail

Gulfsands Petroleum said Arawak Energy has terminated its Strategic Cooperation Agreement with the company.

The move comes after discussions between the two regarding potential business opportunities in the Middle East and North Africa and a $20million convertible loan facility.

A spokesman for Gulfsands Petroleum said the company was advised by Arawak that following statements made by certain shareholders of the company and non-executive directors, the company said it would be terminating the agreement.

He said: “Late on 22nd January, 2015, the Company was advised by Arawak that as a result of its dialogue with the Company over recent days and corporate developments over the last few weeks including public statements made by certain shareholders of the Company and non-executive directors of the Company, Arawak has determined that it should terminate the Strategic Cooperation Agreement.

“Further, Arawak has confirmed that in view of these events, it reserves all of its rights under the Facility Agreement.

“Arawak’s rights under the Facility Agreement may in certain circumstances, include the right to terminate the Loan Facility and to require repayment of all moneys advanced under the Loan Facility.

“Arawak has also advised the company that in the event the removal of Messrs Sajjad and Judge as Executive Directors of the Company, whose removal as directors of the company are matters the subject of resolutions to be considered at a General Meeting of the Company on 3rd February, 2015, takes effect, it will not hesitate to act to enforce its rights under the Loan Facility.”

“At the present time, US$10 million has been advanced by Arawak under the loan facility. In the event the loan facility is cancelled and repayment is required in the circumstances to which Arawak has referred, the company would be obligated to repay all moneys advanced by Arawak together with additional fees and expenses estimated at approximately US$1 million, within approximately 90 days of the date of receiving Arawak’s notice of demand for repayment.”

For more market info click here.

Recommended for you

More from Energy Voice

Latest Posts