Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Gulfsands Expands its Interests in Tunisia

change text size

Gulfsands Petroleum announced Friday that it has expanded its interests in Tunisia after agreeing to acquire additional 30-percent and 10-percent interests in the Chorbane and Kerkouane joint ventures respectively.

As well as the Tunisian interests, the deal will also see Gulfsands acquire 10-percent of the Pantellaria joint venture in Italy from ADX Energy. In return for farming out its stakes in Tunisia and Italy, ADX will receive a payment from Gulfsands of $1.1 million along with an additional $415,000 payment to reimburse it for past costs.

Meanwhile, Gulfsands has also agreed to fund up to $600,000 of ADX's share of a $2 million seismic program that is to be carried out on the onshore Chorbane permit.

Following the completion of the transactions, Gulfsands will hold a 70-percent interest in and operatorship of the Chorbane joint venture and hold a 40-percent interest in both the offshore Kerkouane and Pantellaria joint ventures.

Gulfsands also revealed that it has formed a strategic alliance with Rift Basin Resources to pursue projectsin the Middle East and North Africa regions.

"We are pleased to have been able to increase our participating interests in these Tunisian permits and to assume operatorship of the Chorbane joint venture. We are planning for a significant increase in exploration activity during 2013 in order to advance preparations for the drilling of exploration wells on both the onshore and offshore permits during early 2014," Gulfsands CEO Ric Malcolm commented in a company statement.

Oil sector analysts at RBC Capital Markets in London commented in a research note:

"We see this as sensible consolidation, and an indication that management continues to look at new opportunities."

 

 



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  Crimea: the Oil, Gas Story (Apr 14)
 -  Repsol Hired 1,062 New Employees in 20... (Apr 14)
 -  BP Competition Winners Look Forward to... (Apr 11)
 -  VNG's Pil Well Flows at 6,710 Bopd (Apr 10)
 -  Enegi Oil Restructures Marginal Fields... (Apr 10)
Most Popular Articles
From the Career Center
Jobs that may interest you
Senior Geologist
Expertise: Geologist
Location: The Woodlands, TX
 
Lead Commercial Advisor
Expertise: Business Development
Location: Aberdeen
 
PMO Project Manager
Expertise: Project Management
Location: Houston, TX
 
search for more jobs