Under the plan, Gulfsands and its peers could return to their blocks, with appropriate sanction and other approvals. Back with operational control, they could improve oilfield practice – reducing the impact on the environment – while also producing oil.
“We’ve managed to raise seed capital, from family and friends and some from Oman. We’re just waiting to sign a deal. We’re looking initially at around $30-35 million.”
London-listed Amerisur Resources has signed a farm in agreement (FIA) with Gulfsands Petroleum for the acquisition of the Putumayo 14 block in Colombia.
Gulfsands Petroleum's shares dropped 6% to 5.88p in London in early trading after the firm announced its decision to back out of Morocco.
Gulfsands Petroleum said today that its Moulay Bouchta licence in Morocco had expired.
Gulfsands Petroleum said its executive chairman will retire from his role with the company.
Gulfsands Petroleum has said it remains committed to its Syrian assets, despite operations being suspended due to EU sanctions and the ongoing civil war.
Gulfsands Petroleum has had a two-year extension to its Chorbane Licence ratified by the Tunisian authorities.