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 USA 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 12 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.
This release has been approved by Richard Malcolm, Chief Executive of Gulfsands Petroleum Plc who has a Bachelor of Science degree in Geology with 30 years of experience in petroleum exploration and management. Mr Malcolm has consented to the inclusion of the technical information in this release in the form and context in which it appears.
For more information please contact:
Gulfsands Petroleum (London)
+44 (0)20 7024 2130
Richard Malcolm, Chief Executive Officer
Kenneth Judge, Director – Corporate Development & Communications
+44 (0)20 7466 5000
RBC Capital Markets (London)
+44 (0)20 7653 4000
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities legislation. These forward-looking statements are based on certain assumptions made by Gulfsands and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production or a decline in oil and gas prices. Gulfsands is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.