JV onshore Tunisia permit renewed for further three years

Chorbane exploration permit onshore TunisiaADX Energy and Gulfsands Petroleum have been granted an additional three years exploration rights on the Chorbane permit. (Image source: ADX Energy)ADX Energy and Gulfsands Petroleum have had their joint venture Chorbane exploration permit onshore Tunisia extended for a further three years to July 12, 2015

The Tunisian authorities approved the renewal of the exploration period, but have ordered the JV to relinquish 20 per cent of its permit area.

According to the terms of the agreement, the minimum work obligation for the three-year period will be for operator ADX Energy to drill one exploration well to a depth of at least 2,500 metres.

While ADX Energy currently acts as operator of the permit, Gulfsands would become operator in the event of a commercial success on the permit, according to the terms of the JV agreement. 

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