Gulfsands Petroleum has confirmed that it has successfully completed the drawdown of the remaining £1.6m available under the fourth and fifth tranches of its secured term financing facility.
The company announced on 16 Feb 2017 that it had entered into a secured term financing facility of up to £4m with its major shareholders.
The facility was broken down into five tranches of £800,000 each.
The first three tranches were drawn-down in the first half of 2017 and the final two tranches became available, subject to lender re-approval, on 30 Sep 2017 and 31 Dec respectively.
The company has now confirmed that the lenders unanimously agreed to authorise the availability of both the outstanding tranches, and that the drawdowns had been completed with all funds having been received.