Gulfsands Petroleum plc provides the following update with respect to its relationship with Arawak Energy International Limited (Arawak) concerning the Strategic Cooperation Agreement for the acquisition and development of new business opportunities in the Middle East and North Africa region and the US$20 million Convertible Loan Facility announced on 19th November, 2014.

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.

Tags: Arawak Energy Corporation, Gulfsands Petroleum plc