Gulfsands Petroleum PLC Moulay Bouchta Extension Confirmed (8919W)
15 February 2017 - 6:00PM
UK Regulatory
TIDMGPX
RNS Number : 8919W
Gulfsands Petroleum PLC
15 February 2017
GULFSANDS PETROLEUM PLC
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities
legislation. These forward-looking statements are based on certain
assumptions made by Gulfsands and as such are not a guarantee of
future performance. Actual results could differ materially from
those expressed or implied in such forward-looking statements due
to factors such as general economic and market conditions,
increased costs of production or a decline in oil and gas prices.
Gulfsands is under no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
laws.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain. If you have any queries on this, then please contact
Andrew Morris, the Finance Director of the Company (responsible for
arranging release of this announcement) at 4th Floor, 1 Royal
Exchange Avenue, London EC3V 3LT or on +44 (0) 207 464 4490.
15 February 2017
Moulay Bouchta Extension Confirmed
Gulfsands Petroleum plc ("Gulfsands", the "Group" or the
"Company" - AIM: GPX), the oil and gas company with activities in
Syria, Tunisia, Colombia and Morocco, today announces that its
subsidiary, Gulfsands Petroleum Morocco Limited ("GPML"), has been
awarded an extension to its Moulay Bouchta Petroleum Agreement
("Moulay Bouchta") together with a revised work programme.
As previously disclosed in the Group's Interim Report, an
agreement had been reached with Office National des Hydrocarbures
et des Mines ("ONHYM"), subject to the usual government approvals
and certain conditions precedent, to extend the duration of the
Initial Phase of the Exploration Period of Moulay Bouchta ("Initial
Phase"), from two years to three years. On 8 November 2016 the
Group reported that all conditions precedent had been satisfied,
and it was awaiting formal approval of the extension from the
Moroccan Authorities.
The Group confirms that all approvals have now been received,
such that the extension has become effective.
As a result, the Initial Phase will now run to 19 June 2017
(previously 19 June 2016) with a revised work programme for the
extended Initial Phase consisting of:
-- acquisition of 200 km 2D line seismic;
-- reprocessing and interpretation of selected legacy 2D seismic data; and
-- legacy field study with the aim to identify any potential for re-activation.
Consequently, the estimated cost of the work programme as
specified in the amendment to the Petroleum Agreement has been
reduced from $3.5million to $2.5million.
GPML will immediately seek to begin the Environmental Impact
Study in anticipation of commencing the seismic acquisition. The
Company is already in discussions with ONHYM, to secure a further
extension to allow additional time to complete the revised work
programme.
The work programme focusses on an oil prospective area
identified to the east of the depleted Haricha oil field. Based on
work performed to date, GPML has identified new lead concepts with
gross recoverable Prospective Resources internally estimated at 149
mmbo. This estimate has not been subject to external audit.
The Group continues to be interested in identifying a farm-in
partner for the Moulay Bouchta permit and any parties interested
are invited to contact the Group directly.
Pursuant to the requirements of the AIM Rules for Companies, the
technical information and resource reporting contained in this
announcement has been reviewed by Mr Ian Conway BA, MA (Oxon), MSc,
Technical Director of the Company. Mr Conway has more than 30
years' experience as a petroleum reservoir engineer, and is a
member of the SPE (Society of Petroleum Engineers) and the PESGB
(Petroleum Exploration Society of Great Britain). He has read and
approved the technical disclosure in this regulatory announcement
which complies with the Society of Petroleum Engineers
standard.
For further information, please refer to the Company's website
at www.gulfsands.com or contact:
Gulfsands Petroleum Plc +44 (0)20 7464 4490
John Bell, Managing Director
Andrew Morris, Finance Director
James Ede-Golightly, Non-Executive Chairman
Cantor Fitzgerald Europe
Sarah Wharry
Craig Francis +44 (0)20 7894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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