Gulfsands Petroleum plc, the oil and gas production, exploration and development Company announced that it has reached an agreement to acquire additional participating interest positions in two exploration permits in Tunisia (Chorbane and Kerkouane Permits).
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 program to be carried out on the Chorbane permit.
Following completion of these transactions which remain subject to various regulatory approvals expected to be received in the coming months, Gulfsands will hold a 70% participating interest and be Operator of the Chorbane joint venture (onshore Tunisia) and will hold a 40% participating interest in the Kerkouane and Pantellaria joint ventures (offshore Tunisia and Italy).
ADX will retain 30% and 60% participating interests in the onshore and offshore joint ventures respectively.