Gulfsands acquires offshore Tunisia, Italy permits

Gulfsands Petroleum has acquired the Kerkouane permit offshore Tunisia and the G.R15.PU exploration permit in southern Italy from AuDAX Resources.

Offshore staff

LONDON -- Gulfsands Petroleum has acquired the Kerkouane permit offshore Tunisia and the G.R15.PU exploration permit in southern Italy from AuDAX Resources.

G.R15.PU is offshore the island of Pantelleria southwest of Sicily in Italian waters. Kerkouane is offshore northeast Tunisia. The two permits are contiguous and cover 4,500 sq km (1,737 sq mi).

The permits contain multiple prospects and leads including the Lambouka prospect, a large horst block containing multiple reservoir targets. Lambouka lies in approximately 400 m (1,312 ft) of water and has mean estimated reserves of 270 MMboe, the company says.

Gulfsands expects to spud a well on the Kerkouane permit in June using the semisub Atwood Southern Cross.

03/29/2010

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