Gulfsands Petroleum (LON:GPX), the oil and gas company with assets in Iraq, Syria and the Gulf of Mexico, has said that ADX Energy (ASX:ADX), which operates two exploration projects in Tunisia and Italy has commenced the mobilisation of the Atwood "Southern Cross" semi submersible drilling rig to the Lambouka-1 well location on the Kerkouane Licence offshore Tunisia.
ADX operates Gulfsands’ potentially 30% owned Kerkouane exploration Licence and adjacent Pantelleria exploration permit in Southern Italy.
The rig is expected on location within 12 to 15 days, while the drilling of the well is now expected to commence in early July and not in June. The mobilisation of the rig and all towing and supply vessels followed the receipt of requisite approvals from the Tunisian Naval authority.
Gulfsands also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest.
Back in May, ADX - when it was still called AuDAX Resources - entered into a farm out agreement between with Gulfsands Petroleum over the two licenses, also known as the Sicily Channel Exploration Permits, this deal concluded the formal documentation required by AuDAX for the funding of the Lambouka -1 exploration well.
Gulfsands will be entitled to earn up to 30% interest in the Kerkouane Permit by paying varying but “promoted” proportions of the costs of the 3D seismic programme recently acquired and of the Lambouka exploration well on the Lambouka Prospect, located within an area that incorporates portions of the Kerkouane Permit and the Pantelleria Licence.