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Gulfsands Petroleum sets eyes on Tunisia

Nov. 26, 2012 at 7:31 AM   |   Comments

LONDON, Nov. 26 (UPI) -- More work is planned both offshore and onshore Tunisia following an investment in two exploration permits there, Gulfsands Petroleum said.

The company announced it reached an agreement to acquire a position in the Chorbane and Kerkouane permits in Tunisia. The acquisition, part of a $1.1 million deal with ADX Energy Ltd., includes contiguous reserves offshore Italy.

"We are pleased to have been able to increase our participating interests in these Tunisian permits and to assume operatorship of the Chorbane joint venture," Gulfsands' Chief Executive Officer Ric Malcolm said in a statement.

Gulfsands added that it formed a strategic alliance with Canadian oil company Rift Basin Resources to pursue more opportunities in Tunisia and elsewhere in the Middle East and North Africa region.

"We are planning for a significant increase in exploration activity during 2013 in order to advance preparations for the drilling of exploration wells on both the onshore and offshore permits during early 2014," Malcolm said.

The company gave no estimate of the reserve potential in the Tunisian acquisitions. The U.S. Energy Department's Energy Information Administration reports that, last year, Tunisia produced around 67,000 barrels of oil per day.

Gulfsands operations in the Middle East were hurt last year because of the civil war in Syria.

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