Southern Cross to Spin Bit Offshore Tunisia

Gulfsands Petroleum announced that ADX (formerly known as AuDAX Resources Ltd), the operator of the Kerkouane Exploration License offshore Tunisia (Kerkouane License) and the adjacent Pantelleria Exploration Permit in Southern Italy (G.R15.PU, known as the Pantelleria Permit) has advised of the commencement of mobilization of the Atwood Southern Cross semi submersible drilling rig to the Lambouka-1 well location on the Kerkouane License. 

While the exact duration of the rig tow is weather dependent, ADX Energy has estimated that the drilling rig should arrive on location within 12 to 15 days. 

Mobilisation of the drilling spread onto the Kerkouane exploration license, including the "Southern Cross" semi submersible drilling rig and all towing and supply vessels, followed receipt of requisite approvals from the Tunisian Naval authority (Commission Consultative des Activities Maritimes). 

Gulfsands' is acquiring a 30% participating interest in the Kerkouane Licence and Pantelleria Permit. Drilling of the Lambouka-1 exploration well offshore Tunisia is now expected to commence in early July. 

Gulfsands also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest (see announcement of 18th May 2010). 

Ric Malcolm, Gulfsands CEO, said, "We are pleased to be able to report that the Southern Cross semi-submersible is now on its way to the Lambouka-1 exploration well location and look forward to shortly reporting the commencement of drilling operations."



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