Gulfsands seeks "put up or shut up" notice - source

LONDON, April 22 (Reuters) - Oil explorer Gulfsands Petroleum (GPX.L) has asked Britain's Takeover Panel to issue a deadline for the launch of a formal offer from two Indian bidders, a source familiar with the situation told Reuters.

Should the UK body issue a "put up or shut up" notice, Indian Oil Corporation and Oil India will have to table a formal offer or walk away from Syrian-focused Gulfsands for six months.

The two state-owned Indian oil companies launched a 315 pence per share preliminary approach for Gulfsands in March, valuing the business at 381 million pounds ($589 million), which was rejected by the company's board as "wholly inadequate."

(Reporting by Sarah Young)