Gulfsands Awarded 75% of New Moroccan Permit

"We are delighted to have been able to conclude these agreements with our partner ONHYM with which we have developed an excellent working relationship since we commenced working in Morocco in January last year. Our reputation as a reliable and efficient operator across the MENA region and our success in moving swiftly to commence exploration operations in Morocco no doubt contributed to ONHYM's willingness to award this important license area to Gulfsands.

"We view this license area as prospective for oil and an important and complementary addition to our already extensive onshore portfolio and consider the award of this permit to reflect local recognition of the efforts our entire organisation has made in establishing a meaningful presence in Morocco in little more than one year. We are all very much looking forward to moving forward with successful exploration programmes on the more than 5,700 square kilometers of contiguous area that we now hold with the Fes, Moulay Bouchta and Rharb Sud permits."