Gulfsands Petroleum looking for funding after posting $16m loss

 
Caitlin Morrison
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TROUBLED oil firm Gulfsands Petroleum needs to secure at least $20m (£13m) in extra funding to repay loans and carry on operating in Morocco, according to analysts.

The company said yesterday that it was seeking short-term funding from shareholders, after posting a loss of $16.1m in 2014, compared to a $26.8m loss in 2013.

The group is currently in talks around repaying a $10m loan to Arawak Energy. And the firm is also exploring opportunities in Morocco, however Cantor Fitzgerald’s Sam Wahab said: “To capitalise on these opportunities Gulfsands will need to secure significant additional funding.”

He estimated the group would need around $20m, while Hydrocarbon Capital’s Malcolm Graham-Wood put the figure higher, at closer to $25m.