20 Jun 2014 15:31
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Gulfsands Petroleum Information
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Don't have an account? Click here to register.Gulfsands Petroleum agrees farm-out from Colombian block
Wed, 19th Oct 2016 11:33
(ShareCast News) - Gulfsands Petroleum has agreed a farm-out agreement for one of its two Colombian projects with Canada's Samarium Tennessine.Samarium will take a 70% interest in the Putumayo-14 Exploration and Production of Hydrocarbons project (PUT-14) contract and fund all the exploration and other related costs up to $16.1m with an option to take a full 100% participating interest.In order to acquire the remaining 30%, subject to approval by Colombia's regulator, Samarium will need to replace the $1.7m letter of credit in place to guarantee performance under the PUT-14 contract.On the valid exercise of the option, Samarium shall hold a 100% operating interest in the contract.The pair have also agreed a joint operating agreement and, prior to the exercise of the option, Gulfsands will remain the license operator and Samarium will become technical operator, with the intention of both sides that the Canadians will ultimately assume full operatorship covering both responsibilities.The first exploration phase of Block 14, which lies on Colombia's border with Ecuador, is due to expire in November 2017 with a minimum work obligation of 93 km of 2D seismic data to be captured in a new survey and the drilling of one exploration well.Shares in the company popped 16% to 3.34p by 1230 BST on Wednesday.
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20 Jun 2014 07:53
Gulfsands Petroleum restarts drilling on Rharb scheme in Morocco
Gulfsands Petroleum said it had restarted drilling on its Rharb project in northern Morocco. The group, which has activities in Syria, Morocco, Tunisia, Colombia and the US, said it had begun drilling the Lalla Yetou Updip-1 gas exploration well. It said the well would evaluate predicted Miocene a
Read more20 Jun 2014 05:27
19 Jun 2014 15:03
19 Jun 2014 05:27
UK AGM, EGM Calendar - Week Ahead
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| Read more 18 Jun 2014 15:34 UK AGM, EGM Calendar - Week Ahead
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