At PUT-14 the company has effectively now been given until 2021 to complete the first phase of exploration.
In a statement, it said that ‘Phase 0’ has now been reinstated meaning that it can now continue and complete indigenous community consultation work before beginning a 3-year ‘Phase 1’ exploration period.
The plan for Gulfsands is to bring in a partner to progress a seismic and exploration drilling campaign.
John Bell, Gulfsands managing director, described Tuesday’s news as “very significant”.
“The approval of Phase 0 enables Gulfsands to continue in full compliance with the licence and to plan its strategy for Putumayo-14 without immediate time constraints,” Bell said.
“We have commenced the very important Consulta Previa work and look forward to attracting a partner to help us move forward the seismic and drilling programme.
He added: “We believe that the technical potential of the block, together with the current attractive terms of the licence, makes Putumayo-14 a very attractive proposition for an incoming partner."