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Gulfsands Petroleum plc Announces Completion Of Acquisition Of Caithness Petroleum Limited's Cabre Maroc Limited

Thursday, 17 Jan 2013 02:00am EST 

Gulfsands Petroleum plc announced that further to the Company's announcement made earlier, the Company's acquisition of Cabre Maroc Limited (Cabre Maroc), a wholly owned subsidiary of Caithness Petroleum Limited and operator of an portfolio of oil and gas exploration licences and gas exploitation concessions covering an area of 13,352 square kilometres (km2) in northern Morocco, has now been completed. The total consideration for these transactions resulted in cash payments totalling approximately USD19 million by way of purchase consideration and the satisfaction of existing liabilities of Cabre Maroc. Following Completion of the acquisition, Gulfsands and ONHYM have become co-venturers in the Rharb Centre and Rharb Sud permits, with Gulfsands the operator of the joint venture and following completion of various post Completion matters, Gulfsands and Caithness Petroleum through their respective wholly owned subsidiaries will become co-venturers with ONHYM in respect of the Fes and Taounate Permits, with Gulfsands the Operator of both exploration joint ventures. 

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