Gulfsands Petroleum announced Thursday that its partner ADX Energy has begun its production testing program on the Sidi Dhaher No.1 well at the Chorbane license onshore Tunisia.
ADX completed the final safety and operation audits of the drilling rig and related equipment that will be used during the testing program and operations ahead of the start of the testing program – which will be a multi-stage operation with an expected duration of approximately three weeks.
Gulfsands has a 40-percent interest at the Chorbane permit and in the event of a commercial success the firm will be entitled to takeover as operator of the permit.
Commenting on the news, London-based investment bank Oriel Securities said in a research note on Gulfsands that the Chorbane license "appears to offer a number of follow-on exploration opportunities".
As well as operating in Tunisia, Gulfsands is active in Syria, Iraq, Turkey, Italy and the United States.
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