Gulfsands wins extension for Tunisian block
Contract has been extended until July 12, 2017
Independent oil and gas E&P firm, Gulfsands, has won a two-year extension to work on the Chorbane block in Tunisia.
The contract has been extended until July 12, 2017 and, based upon the application to extend made by Gulfsands, has a minimum work obligation of 200km of 2D seismic and one exploration well.
The Chorbane block, prinicipally an onshore permit, covers an area of 1,940 sq km in central Tunisia near the port city of Sfax.
It is surrounded by several producing oil fields and extensive oil and gas infrastructure, and boasts significant data base of legacy 2D seismic data collected in the area.
Gulfsands, as operator of the Chorbane Licence with 100% working interest, has identified drillable onshore prospects for light oil and wet gas.
According to the company's estimates, the block contains some 44.2 million barrels of oil equivalent.
Alastair Beardsall, Gulfsands Chairman said: 'We are pleased to receive the ratification of the 2-year extension for the Chorbane Licence as this increases the attractiveness of the block to those potential joint venture partners who have reviewed the technical data and expressed an interest in farming into the licence."