Gulfsands Petroleum has reached a number of agreements in relation to its interests in Tunisia, Italy and Colombia.
Chorbane and Kerkouane Permits, Tunisia and Pantellaria Licence, Italy
Gulfsands is the operator and 70% interest holder in the Chorbane joint venture and exploration permit which is in central Tunisia. The Company has reached an agreement to acquire the 30% participating interest in the Chorbane Permit and joint venture held by a subsidiary of ADX Energy Limited of Perth, Western Australia ('ADX') thereby increasing Gulfsands' interest in the permit to 100%. A consideration of US$1.75 million is payable in respect of this transaction and is to be paid as to $250,000 following the signing of these agreements and the balance of $1.5 million is payable following the receipt of all government approvals, expected to be received during the first quarter of 2014.