Gulfsands Petroleum has dropped farm out partner Samarium Energy after talks failed to find a way to progress its Putumayo-14 Contract in Colombia.
The company, which has activities in Syria, Tunisia, Colombia and Morocco, entered into a farm-out agreement with Samarium last October.
However Gulfsands said today that the two firms had been unable to agree a “mutually acceptable” way to move forward with the project.
In a statement the firm added: “As a result of this uncertainty, Gulfsands took the decision in March to pursue the work programme alone, to ensure the work programme advanced as required under the terms of the PUT-14 licence.
“Accordingly, Gulfsands has now contracted the initial phase of the work, namely the Consulta Previa, which will commence imminently.”
The agreement has now been terminated and, as a result Gulfsands’ working interest in the PUT-14 Contract will revert to being 100% as the sole operator.