Gulfsands have released the announcement with the extra bit about becoming operator if they have a commercial success:
"GULFSANDS PETROLEUM PLC
RENEWAL OF CHORBANE PERMIT - ONSHORE TUNISIA London, 23rd July, 2012: Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq, Tunisia, Italy and the U.S.A. is pleased to announce that the Chorbane permit, located onshore Tunisia, has been renewed for a further period of three years.
ADX Energy Limited ("ADX") the operator of the Chorbane joint venture has advised that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) has approved the renewal of the Exploration period for the Chorbane permit Onshore Tunisia for a further period of three years, expiring on 12th of July 2015. Under the terms of the licence renewal, 20% of the previous permit area will be relinquished.
The agreed minimum work obligation for this further three year period consists of the drilling of one exploration well to a depth of at least 2500 metres.
Gulfsands has a 40% interest in the Chorbane permit and in the event of a commercial success with exploration on the Chorbane permit, Gulfsands will be entitled to become the operator of the Chorbane permit.
This release has been approved by Richard Malcolm, Chief Executive of Gulfsands Petroleum Plc who has a Bachelor of Science degree in Geology with 30 years of experience in petroleum exploration and management. Mr. Malcolm has consented to the inclusion of the technical information in this release in the form and context in which it appears."
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