4th Jan 2016 13:01
LONDON (Alliance News) - Gulfsands Petroleum PLC on Monday said it has secured an extension to its exploration licence for the Chorbane field in Tunisia, with the company hoping this will spur further interest from potential joint venture partners.
Authorities agreed to extend the first renewal period for the licence back in August and the Tunisian Ministry of Industry, Energy and Mines ratified the decision in December, meaning the first renewal period of the licence will now expire on July 12, 2017.
"We are pleased to receive the ratification of the two-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," said Chairman Alastair Beardsall.
Based on the current terms, Gulfsands believes it will be required to conduct 200.0 kilometres of 2D seismic work and drill one exploration well before the new end date.
Gulfsands wholly-owns the licence, which is on-shore surrounded by numerous producing wells operated by competitors, and the company believes the Chorbane permit could hold a best estimate unrisked net prospective resource of up to 44.2 million barrels of oil equivalent.
Gulfsands shares were trading flat at 3.75 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Gulfsands Petroleum