Renewal of Chorbane Permit - Onshore Tunisia

abarrelfullabarrelfull wrote on 26 Jul 2012 05:59
Tags: africa gulfsands tunisia upstream

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Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq, Tunisia, Italy and the U.S.A. is pleased to announce that the Chorbane permit, located onshore Tunisia, has been renewed for a further period of three years.

ADX Energy Limited ("ADX") the operator of the Chorbane joint venture has advised that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) has approved the renewal of the Exploration period for the Chorbane permit Onshore Tunisia for a further period of three years, expiring on 12th of July 2015. Under the terms of the licence renewal, 20% of the previous permit area will be relinquished.

The agreed minimum work obligation for this further three year period consists of the drilling of one exploration well to a depth of at least 2500 metres.

Gulfsands has a 40% interest in the Chorbane permit and in the event of a commercial success with exploration on the Chorbane permit, Gulfsands will be entitled to become the operator of the Chorbane permit.

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