Gulfsands ups stakes in Mediterranean permits

Offshore staff

LONDON – Gulfsands Petroleum has reached an agreement to acquire further interests in the Kerkouane exploration permit offshore Tunisia and in the Pantellaria (G.R15.PU) permit offshore southern Italy.

Sellers are ADX Energy, XState Resources, and Verus Investments.

Following completion, Gulfsands will have a 40% interest in both licenses, with ADX retaining 60%.
G.R15.PU is off the island of Pantelleria, southwest of Sicily, and is adjacent to Kerkouane.

Gulfsands is re-evaluating existing 2D and 3D seismic acquired ahead of a commitment well, which must be drilled before February 2014.

11/28/2012

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