Gulfsands' Acquisition of Chorbane Interests Approved

Gulfsands Petroleum reported Friday that the acquisition of its minority interests in the Chorbane permit, onshore Tunisia, have been approved by the Tunisian authorities. 

Gulfsands said that the Comité Consultatif des Hydrocarbures has approved the transfer of all of ADX Energy Limited's remaining interests in the Chorbane permit to a wholly-owned subsidiary of Gulfsands. Gulfsands is the operator of the permit and now has a 100-percent interest in it.

The Chorbane permit covers an area of approximately 720 square miles in central Tunisia near the port city of Sfax and is principally onshore. The permit is surrounded by several producing oilfields and extensive oil and gas infrastructure, Gulfsands said.

The company is proposing to undertake a 2D seismic data acquistion program of approximately 60 miles on the permit to assist in the selection of drilling locations that have been provisionally identified from its reinterpretation of a significant database of legacy 2D seismic data.

Meanwhile, Gulfsands confirmed that it was in a legal dispute with ADX concerning performance of obligations connected to an agreement reached between the two firms in December last year. Gulfsands said that, as a consequence, it has legal claims against ADX that "significantly exceed the sum of $1.5 million" payable by Gulfsands pursuant to the agreement.



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