The oil and gas exploration company, Gulfsands Petroleum, has been granted a two-year extension to its Chorbane hydrocarbon exploration license, recently ratified by the Tunisian authorities, EnergyVoice reported.
The duration of the first renewal period is now extended until July 2017 and has a minimum work obligation of 200km of 2D seismic and an exploration well.
Gulfsands, the operator of the Chorbane License, with a 100% working interest, has identified onshore prospects for drilling light oil and wet gas. According to the company’s estimates, prospective net resource bookings for the Chorbane permit are at the level of 44.2mboe without risks.
The Chorbane License covers an area of 1,940 square km in central Tunisia, near the port city of Sfax, and is principally an onshore permit, according to OilVoice. The area is surrounded by several producing oil fields and extensive oil and gas infrastructure, with a significant 2D seismic data base.
“We are pleased to receive the ratification of the 2-year extension for the Chorbane License 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 license,” Gulfsands Chairman, Alastair Beardsall, said.