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Gulfsands Petroleum hits reset button in Colombia

John Bell, Gulfsands managing director, described Tuesday’s news as “very significant”
Onshore oil drilling
GPX has until 2021 to complete Phase 1 exploration

Gulfsands Petroleum plc (LON:GPX) told investors it’s been allowed to hit the reset button for its Putumayo (PUT-14) licence in Colombia.

At PUT-14 the company has effectively now been given until 2021 to complete the first phase of exploration.

READ: Gulfsands to go it alone on PUT-14 contract in Colombia

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”.

READ: Gulfsands Petroleum says Syrian assets still in good shape

“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."

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