Award of Exploration Concessions in Colombia
Gulfsands Petroleum plc (“Gulfsands”, the “Group” or the “Company” – AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Morocco, Tunisia and the U.S.A., is pleased to announce that it has finalised two exploration and production agreements with the Agencia Nacional de Hidrocarburos (“ANH”) in Colombia with respect to licence areas referred to as Llanos Area 50 and Putumayo Area 14 in the Llanos and Caguan Putumayo Basin respectively.
The signing of these agreements follows from preliminary awards made by the ANH in late 2012 upon the conclusion of the heavily subscribed Ronda 2012 bid round. While both of these licence areas are considered to be highly prospective for oil, the successful applications involved attractive financial terms and modest minimum exploration work obligations over the initial 4 year exploration terms.
The Company has been recognised by the ANH as the qualified operator for these blocks and is currently finalising the constitution of a consortium to undertake exploration activities anticipated to commence in the next 12 months with 2D seismic programmes on both licence areas.
A further announcement on the conclusion of joint venture discussions and the proposed work programmes to be undertaken, will be made in due course.
Source: Gulfsands Petroleum plc
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