Italy-Tunisia

Gulfsands Petroleum PLC exercised its option to increase to 30% from 20% its working interest in the contiguous G.R15.PU and Kerkouane permits in the Sicily Channel off Italy and Tunisia, respectively.

By OGJ editors
HOUSTON, June 7
– Gulfsands Petroleum PLC exercised its option to increase to 30% from 20% its working interest in the contiguous G.R15.PU and Kerkouane permits in the Sicily Channel off Italy and Tunisia, respectively.

Gulfsands will earn the interests from AuDAX Resources Ltd., Perth, by paying varying promoted costs of the recently shot 3D seismic program and the planned Lambouka exploration well, expected to spud in the second half of June 2010.

The Atwood Southern Cross semisubmersible will move from Tenerife, Canary Islands, to drill the well for an estimated $20 million, subject to Tunisian government approval expected shortly. The primary objectives are the Miocene Birsa formation and the Cretaceous Abiod formation.

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