Gulfsands Petroleum (LON:GPX) this morning unveiled deals to acquire stakes in projects outside Syria.
In Tunisia, it is buying an additional 30% stake in the Chorbane joint venture, taking its interest to 70%, as well as a 10% stake in the Kerkouane joint venture, giving them a total interest of 40%.
Meanwhile, it is also acquiring a 10% stake in the Pantellaria joint venture in Italy, which also increases its interest to 40%.
Gulfsands will pay US$1.1 mln as cash consideration for the acquisitions, and it will also reimburse past costs to a total of US$415,000.
Also at Chorbane, it has agreed to fund up to US$600,000 of its partners' share of an upcoming US$2 mln seismic programme.
The company’s most advanced and most valuable projects are located in the troubled Middle East country, which has been locked in civil war following the ‘Arab Spring’ uprising.
Gulfsands is currently planning to increase its activities in Tunisia.
"We are pleased to have been able to increase our participating interests in these Tunisian permits and to assume operatorship of the Chorbane joint venture,” said chief executive Ric Malcolm.
“We are planning for a significant increase in exploration activity during 2013 in order to advance preparations for the drilling of exploration wells on both the onshore and offshore permits during early 2014."
Separately, Gulfsands also unveiled a new strategic alliance to pursue and acquire projects in Tunisia and in the broader Middle East and North Africa region.
This partnership, with Rift Basin Resources, will see Gulfsands take a 70% stake in any such project and it will also be the operator. The company says the new partnership should a number of new business opportunities.