Gulfsands Petroleum renews Chorbane permit
Oil and gas producer Gulfsands Petroleum has said that the Chorbane permit, located onshore Tunisia, has been renewed for a further period of three years.
Oil and gas producer Gulfsands Petroleum has said that the Chorbane permit, located onshore Tunisia, has been renewed for a further period of three years.
Under the terms of the licence renewal, 20% of the previous permit area will be relinquished.
The permit is operated by ADX Energy, who agreed that the minimum work obligation for this further three year period consists of the drilling of one exploration well to a depth of at least 2,500 metres.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
If the well reaches commercial success, Gulfsands, which holds a 40% interest in the licence, will have the right to become its operator.
The share price fell 4.07% to 118p by 10:06.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published