Gulfsands Petroleum has announced its acquisition of additional participating interest positions in the Chorbane and Kerkouane exploration permits in Tunisia
The company has also acquired a participating interest in Southern Italy
The deal with ADX Energy, XState Resources and Verus Investments will see Gulfsands make a payment of US$1.1mn, plus a further $415,000 to cover past costs.
Gulfsands has also agreed to fund up to $600,000 of the ADX share of a $2mn seismic programme to be carried out on the Chorbane permit.
Following the completion of these transactions, which are subject to various regulatory approvals, Gulfsands will hold a 70 per cent participating interest and be operator of the Chorbane joint venture (onshore Tunisia) and hold a 40 per cent participating interest in the Kerkouane and Pantellaria joint ventures (offshore Tunisia and Italy).
ADX will retain 30 per cent and 60 per cent participating interests in the onshore and offshore joint ventures respectively.
Gulfsands intends to commence the seismic programme on the Chorbane permit in 2013 and, once the data has been processed and evaluated, hopes to drill at least one well on the permit during 2014.
Meanwhile, Gulfsands has announced a strategic alliance with Rift Basin Resources to facilitate the pursuit and acquisition of petroleum projects in Tunisia and elsewhere in the MENA region.
Gulfsands will take a 70 per cent interest and act as the operator of any project acquired under the strategic alliance, with Rift Basin taking the remaining 30 per cent interest.
Gulfsands expects the alliance to enable participation in a number of new business opportunities in Tunisia and nearby countries.
"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," said Ric Malcolm, CEO of Gulfsands.
