Gulfsands Petroleum has reached an agreement to acquire additional participating interest positions in two exploration permits in Tunisia (Chorbane and Kerkouane Permits) and one exploration permit in Southern Italy (Pantellaria or G.R15.PU) from ADX Energy Limited (ADX), XState Resources Limited (XState) and Verus Investments Limited (Verus).

The total consideration for these transactions will result in the payment of US$1.1 million by way of purchase price and subject to final adjustment, reimbursement of approximately US$415,000 in past costs.

In addition, Gulfsands has agreed with ADX to fund up to US$600,000 of the ADX share of a US$2 million seismic programme to be carried out on the Chorbane permit.

Tags: Gulfsands Petroleum plc