Proactive Investors UK
By Ian Lyall
In an update on its plans, it said the 3D data is currently being processed with the final volume set for delivery in early March.
Rharb is targeting shallow gas with the aim of tying back production into a nearby pipeline that will feed the country’s energy-hungry potash and ceramics industries.
In all there are plans for six of these low-cost wells this year.
On the Fes licence, also in Morocco, but where Gulfsands is exploring for light oil, the rig selection process underway, the group revealed.
It expects a drill target to be identified in the third quarter and drilling to begin the following quarter.
At the same time as preparations are being made for an ambitious exploration programme in Morocco, 2D seismic is being shot across the exciting Chorbane permit in Tunisia.
The group also revealed its Colombia joint-venture is making progress ahead of a 2D seismic campaign later this year, or early next.
The Khurbet East and Yousefieh assets are “closed in and secure” as the fighting in Syria continues and oil exports are embargoed.
Discussions to divest its residual portfolio of assets in the US Gulf of Mexico are “ongoing”, Gulfsands confirmed.
Chief executive Mahdi Sajjad said: “We are in the very fortunate position of having the financial and personnel resources to be able to develop our existing businesses in parallel with examining the very interesting new business opportunities that our board and advisors have brought to the company.
“The board is confident of the company’s prospects for future success in the new countries we have entered and of our eventual return to operations in Syria once EU and other sanctions permit.”
