Petroleum Africa
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Wednesday, January 6, 2016
Gulfsands Petroleum reported that following the favorable opinion of Tunisia’s Comité Consultatif des Hydrocarbures made in August 2015 to extend the duration of validity of the first renewal period of the Chorbane License by two years, the decision to extend has now been ratified by the Tunisian Ministry of Industry, Energy and Mines.
The duration of the first renewal period is now extended until July 12, 2017 and, based upon the application to extend made by Gulfsands, there is a minimum work obligation of 200 km of 2D seismic and one exploration well.
Alastair Beardsall, Gulfsands Chairman said: “We are pleased to receive the ratification of the two-year extension for the Chorbane License 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 license.”
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