Gulfsands Petroleum provides the following update on the Group's financial position, drilling activities in Morocco and the Group's activities generally.

Financial Position

•US$20 million Arawak Energy Loan Facility drawn to US$10 million •Cash balances for the Group at 23rd January, 2015 were US$23.5million of which US$12 million was free cash (inclusive of US$10 million drawn Arawak Energy Loan Facility) •Estimated current liabilities less receivables of approximately US$7.5 million •Estimated minimum capital expenditure commitments for 2015 of approximately US$2.5 million

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