5th Sep 2014 07:30
LONDON (Alliance News) - Gulfsands Petroleum PLC Friday said authorities in Tunisia have given their approval for the transfer of all remaining interests held by ADX Energy Ltd in the Chorbane onshore licence to a Gulfsands subsidiary and said its legal dispute with ADX is ongoing.
The oil and gas company said Tunisia's Comité Consultatif des Hydrocarbures has now approved the transfer of all of ADX's minority stake in the Chorbane permit to a wholly-owned Gulfsands subsidiary. The transfer of the ADX assets makes Gulfsands, the operator of Chorbane, the 100% owner of the project.
Gulfsands is planning to undertake a 2D seismic programme of around 100 kilometres on the permit, which covers 1,940 square kilometres of central Tunisia close to the Sfax port city.
Elsewhere, Gulfsands noted recent releases by ADX announcing the approval of the transfer in which the company, according to Gulfsands, made unwarranted and unfounded allegations against the company in relation to a dispute over ADX's performance of obligations under a previous agreement between the two.
In a release earlier this week, ADX claimed Gulfsands had failed to fulfil its obligation to complete and pay the final consideration on the transfer of the assets of USD1.5 million. It also said Gulfsands had not communicated any "legitimate justification" for having allegedly failed to make the payment.
Gulfsands responded saying the nature of circumstances surrounding the dispute between the two were well known to ADX and said Gulfsands has outstanding legal claims against ADX totalling significantly more than the USD1.5 million payable on the Chorbane agreement.
Gulfsands said the dispute remains in the hands of lawyers and said it would be inappropriate to comment on the ongoing case at this time.
Gulfsands shares were untraded at the open on Friday, quoted at 52.55 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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