Gulfsands Petroleum is to exit Tunsia after failing to attract a partner for a production sharing contract (PSC).
The oil and gas company, which also operates in Syria, Colombia and Morocco, has let its contract lapse as the North African country no longer fits with wider group strategy.
As disclosed in the firm’s 2016 annual report, the group had written off its related capitalised E&E asset as at December 31, 2016, and provided for potential costs relating to outstanding contractual issues.
No restricted cash balances are held as a guarantee of the minimum work obligations under the Chorbane PSC and there is no parental guarantee in place.
The Group will now work to complete its formal exit from Tunisia.
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