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.

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.

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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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