Gulfsands Petroleum: 2 year extension for Chorbane project

Gulfsands Petroleum Plc has announced that the Tunisian Ministry of Industry, Energy and Mines has approved the Comité Consultatif des Hydrocarbures’ decision to extend the duration of validity of the first renewal period of the Chorbane Licence by two years.

The company stated that the duration of the first renewal period is to last until 12 July 2017 and, based upon the application to extend made by Gulfsands, has a minimum work obligation of 200km of 2D seismic and 1 exploration well.

The Chorbane permit covers an area of 1940 km² in central Tunisia and is principally an onshore permit. The Chorbane area is surrounded by several producing oil fields and extensive oil and gas infrastructure, and there exists a significant data base of legacy 2D seismic data within the permit area. The company reports a best estimate net prospective resource booking for the Chorbane permit of 44.2 million boe (unrisked).

Alastair Beardsall, Gulfsands Chairman, commented: "We are pleased to receive the ratification of the 2-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."

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/06012016/gulfsands-petroleum-2-year-extension-for-chorbane-licence-2075/