Gulfsands Petroleum (LON:GPX) has renewed its Chorbane permit, located onshore Tunisia, for a further three years.
ADX Energy, 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 for a further three years, expiring on 12th 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 permit, Gulfsands will be entitled to become the operator.
