Gulfsands Petroleum plc (LON:GPX) said the government of Tunisia has approved the renewal of the Kerkouane offshore exploration licence and has granted three more years for exploration and appraisal activities, until 22 February 2014. At that point, the exploration licence can then be renewed for another three years.
In a statement, Gulfsands relayed comments made by ADX Energy (ASX:ADX), operator of Kerkouane and of the Chorbane onshore licence in the country, as well as of the Pantelleria exploration permit in southern Italy - which lies adjacent to Kerkouane.
Included within the terms of the three year renewal is a well test of the Lambouka discovery, envisaging drilling a well to a minimum depth of 2,500 meters, or drill a well to the Jurassic aged reservoir level in case such a target is a viable economic prospect and can be identified on the newly acquired dual sensor 3D seismic data.
The partners are also relinquishing 772 square kilometres of the original licence area, following which the Kerkouane licence comprises 3,080 square kilometres.
The current licence contains a number of appraisal and exploration targets such as the Dougga gas condensate discovery, the Lambouka discovery and the Dougga NW Lead – all three covered by 3D seismic.
It also contains newly identified structural/stratigraphic leads within the Pliocene section, partly covered by 3D seismic, and structural leads, typical of a fold and thrust belt, within the northern part of the licence and covered by 2D seismic.
The Kerkouane Joint Venture includes ADX Energy Ltd as operator with a 60 percent stake , Gulfsands with 30 percent and XState Resources Ltd with 10 percent.
Gulfsands reported earlier today that spudding the Sidi Dhaher exploration well in Tunisia is likely to be delayed by merely a few weeks, following the recent violent protests in the North African country.
Work was initially expected to start early in February, but ADX Energy (ASX:ADX) - operator of the Chorbane onshore licence - expects there will be some delay primarily due to third party contractors taking additional security precautions and potential delays in customs handling of equipment.
Assuming the recent improvement of the overall security situation continues in Tunisia, ADX anticipates that most contractor services will be fully available in February allowing a potential spud date in late February, Gulfsands said.