Gulfsands Petroleum has developed a strategic relationship with Arawak Energy International to ease acquisitions and development of new oil and gas opportunities in the Middle East and North Africa (MENA) region
According to the terms of the agreement, Arawak Energy International has also agreed to provide Gulfsands Petroleum with a US$20mn convertible loan facility for the further development of the explorer’s existing Moroccan interests, and for working capital purposes.
Both companies would pursue the acquisition of projects with existing oil and gas reserves requiring development or re-development. Gulfsands Petroleum is expected to 30 per cent and Arawak Energy International will carry the remaining 70 per cent interest in new projects.
According to a company statement, preparations for the commencement of initial production at Lalla Yetou Updip-1 well, located within the Rharb Centre Permit in northern Morocco are underway. Gulfsands Petroleum is reportedly targeting first gas before end of 2014.
