Gulfsands Petroleum disappoints in Tunisia

published 25 June 2012

Gulfsands Petroleum, an oil and gas company, has said it has been advised by ADX Energy, the operator of the Chorbane licence in Tunisia, that despite good flow rates from the two reservoir zones, the fluids did not contain any oil.

Following the drilling out of the safety plug within the previously suspended well, two separate intervals within the Bireno Formation have been perforated and flow tested. The initial interpretation from the well site is that the recovered fluid is a mixture of spent acid, drilling mud filtrate and formation water.

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Gulfsands has a 40% interest in the Chorbane permit and if commercial success is achieved, Gulfsands will be entitled to become the operator of the Chorbane permit.

Gulfsands's share price fell 1.78% to 83p by 13:10.

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