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.
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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.
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