Gulfsands Petroleum Company updated the market on its Moulay Bouchta petroleum agreement, which is held by its subsidiary Gulfsands Petroleum Morocco, on June 21, reported London South East.
The AIM-traded firm said that, as it had previously reported on the February 15, it received an extension of the duration of the Initial Phase of the Exploration Period of Moulay Bouchta from Office National des Hydrocarbures et des Mines (ONHYM), from two years to three years, together with a revised work program, Digital Look informed. That took the Initial Phase to June 2017.
Gulfsands board noted in its statement, “At that time GPML noted that it planned to immediately seek to secure a further extension to allow additional time to complete the revised work program.”
ONHYM had indicated a willingness to extend the Initial Phase further, from three years to four years meaning that it would then run through to June 2018.
In its 2016 Annual Report, the company indicated that it was considering whether to pursue the extension, a decision that would be predicated on it finding an appropriate partner to help take the project forward.
Gulfsands said it was continuing to try and find a partner for the licence, but had not yet been successful in securing one and so, as of the June 20, the Moulay Bouchta license had technically expired, with certain minimum work obligations remaining outstanding.