Gulfsands Petroleum PLC Extension Granted for Chorbane Permit (7345K)
January 04 2016 - 7:46AM
UK Regulatory
TIDMGPX
RNS Number : 7345K
Gulfsands Petroleum PLC
04 January 2016
Gulfsands Petroleum Plc
2 Year Extension Granted for the Chorbane Permit, Tunisia
4 January 2016
Gulfsands Petroleum Plc ("Gulfsands" or the "Company"), the AIM
listed oil and gas exploration company (AIM:GPX) with activities in
Syria, Morocco, Tunisia and Colombia, provides the following update
on the Chorbane hydrocarbon exploration licence, Tunisia ("Chorbane
Licence").
The Company is pleased to announce that following the favourable
opinion of the Comité Consultatif des Hydrocarbures made in August
2015 to extend the duration of validity of the first renewal period
of the Chorbane Licence by two years, the decision to extend has
now been ratified by the Tunisian Ministry of Industry, Energy and
Mines; the decision of the Ministry was published on 22(nd)
December 2015 in the Official Journal of the Tunisian Republic. The
duration of the first renewal period is now extended until 12(th)
July 2017 and, based upon the application to extend made by
Gulfsands, has a minimum work obligation of 200km of 2D seismic and
1 exploration well.
The Chorbane permit covers an area of 1,940 square kilometres in
central Tunisia near the port city of Sfax and is principally an
onshore permit. The Chorbane area is surrounded by several
producing oil fields and extensive oil and gas infrastructure, and
there exists a significant data base of legacy 2D seismic data
within the permit area. Gulfsands, as operator of the Chorbane
Licence (100% working interest) has identified drillable onshore
prospects for light oil and wet gas. The Company's best estimate
net prospective resource bookings for the Chorbane permit are 44.2
million barrels of oil equivalent (unrisked).
Alastair Beardsall, Gulfsands Chairman said:
"We are pleased to receive the ratification of the 2-year
extension for the Chorbane Licence as this increases the
attractiveness of the block to those potential joint venture
partners who have reviewed the technical data and expressed an
interest in farming into the licence."
Gulfsands Petroleum Plc
Alastair Beardsall, Chairman +44 (0)20 7024 2130
Cantor Fitzgerald Europe
Sarah Wharry
David Porter +44 (0)20 7894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
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