Gulfsands Provides Updates on Colombia

Source: www.gulfoilandgas.com 12/23/2013, Location: South America

Gulfsands Petroleum plc reached a number of agreements in relation to its interests in Colombia.

Putumayo Area 14 and Llanos 50 Area - Onshore Colombia
Gulfsands is pleased to announce that it has completed a transaction with Luna Energy Ltd. ("Luna"), a member of the Sloane Investors group of Colombia, whereby Gulfsands will retain a 55% legal and beneficial interest but paying only 45% of the costs of work programme obligations during the first exploration period in both the onshore Putumayo Area 14 ("PUT-14") and the Llanos Area 50 ("LLA-50") licences, onshore Colombia. Gulfsands will continue as operator of both blocks.

Sloane Investors has interests in Colombia in oil field services, oil transport logistics, coal mining and rail and port infrastructure and operations.

The PUT-14 permit, covering an area of approximately 463 km2, is located in the highly prospective Colombian portion of the Putamayo basin. Numerous discoveries have been made along trend in this basin, in Ecuador immediately to the south of the PUT-14 permit area as well as in Colombia, and structures have been identified on the permit based on legacy 2D seismic data. Pending completion of all regulatory approvals, a 2D seismic programme of approximately 100 km is planned for late in 2014.

The LLA-50 permit, covering an area of approximately 513 km2, is located in the established hydrocarbon producing Llanos basin. Numerous discoveries have been made along trend in this basin, and this relatively large permit has only been lightly explored with minimal existing 2D seismic data. Field work is seasonal in this area, with seismic operations typically possible only in the January-April time frame. Pending completion of all regulatory approvals, a 2D seismic programme of approximately 100 km is planned for early in 2015.

Mahdi Sajjad, the Company's CEO commented:
"We are delighted to have concluded these transactions which represent the further reshaping and rebalancing of the Gulfsands' portfolio of prospective oil and gas projects in these two countries with each with long histories of working constructively and reliably with oil and gas companies and have attractive economic terms for the exploration and production of both oil and gas. We are especially pleased with the support we have received from the regulators of oil and gas in both countries and look forward to identifying additional opportunities to further expand our activities as and when possible"


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