Gulfsands Petroleum says that following the favourable opinion of the Comité Consultatif des Hydrocarbures made in August 2015 to extend the duration of validity of the first renewal period of the Chorbane Licence by two years, the decision to extend has now been ratified by the Tunisian Ministry of Industry, Energy and Mines; the decision of the Ministry was published on 22nd December 2015 in the Official Journal of the Tunisian Republic.

The duration of the first renewal period is now extended until 12th July 2017 and, based upon the application to extend made by Gulfsands, has a minimum work obligation of 200km of 2D seismic and 1 exploration well.

Tags: Gulfsands Petroleum plc