8th Nov 2016 16:46
LONDON (Alliance News) - Gulfsands Petroleum PLC on Tuesday said it is in talks with regulators about extending its licence in Colombia and is awaiting confirmation of its licence extension in Morocco.
Gulfsands, which has operations in Syria, Tunisia, Colombia and Morocco, said the first exploration phase of its licence for the Llanos 50 area in Colombia expired on Monday.
The company is now holding talks with Colombia's Agencia Nacional de Hidrocarburos in Colombia on extending the licence and allowing Gulfsands more time to fulfil its obligations under the LLA-50 contract.
Gulfsands added it is awaiting confirmation from Morocco's Office National des Hydrocarbures et des Mines on the extension of its Moulay Bouchta area licence from two to three years. All conditions to secure the extension have been satisfied and the firm is now awaiting the final approval.
Should the extension be approved, Gulfsands will start work on a revised work programme for Moulay Bouchta, including the acquisition of 2D seismic data, the reprocessing of legacy 2D seismic data and a legacy field study.
Gulfsands shares closed down 3.7% to 3.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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