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
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
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
