Gulfsands is to take ownership of the Chorbane permit in central Tunisia after agreeing a deal to buy the remaining 30% share.
The £1.04million deal will see the oil producer taking over Australian firm ADX Energy’s share of the site, near the Tunisian port of Sfax.
Seismic scans of around 100km of the area are due to begin early next year, with previous drilling on the site showing evidence of oil.
The deal comes as Gulfsands restructures its interests in the country, including giving up its interest in the Kerkouane offshore permit.
It will also farm out part of its stake in the Putumayo and Llanos licences off Colombia.
“We are delighted to have concluded these transactions which represent the further reshaping and rebalancing of the Gulfsands’ portfolio of prospective oil and gas projects in these two countries with each with long histories of working constructively and reliably with oil and gas companies and have attractive economic terms for the exploration and production of both oil and gas,” said chief executive Mahdi Sajjad.
“We are especially pleased with the support we have received from the regulators of oil and gas in both countries and look forward to identifying additional opportunities to further expand our activities as and when possible.”