Verus Investments divesting interest in Tunisian onshore permit 

(MENAFN - ProactiveInvestors - Australia) Verus Investments (ASX: VIL) has completed a formal letter of intent to sell its 10% working interest in the Chorbane permit onshore Tunisia to Gulfsands Petroleum for US525,000 (A501,745).

The decision to divest its stake was made as activity proposed for the permit will not result in a drillable prospect until mid to late 2013.

Completion of the divestment is subject to a number of conditions, including finalisation of formal Sale and Purchase Agreement and regulatory and joint venture approvals.

The sale will give Gulfsands a 50% interest in Chorbane, where the disappointing Sidi Dhaher-1 well was drilled earlier this year.

Despite this, the permit contains several undrilled opportunities with deeper Jurassic gas potential confirmed by the Chaal 1 well that was drilled in 2006 by Candax Energy (TSE: CAX) in the adjacent Chaal permit.

The permit's south also contains a number of potentially large sized structures facing a prolific hydrocarbon generation kitchen area tbough this would require more seismic data to deliver drillable prospects.

Other partners include operator ADX Energy (ASX: ADX) with 40% and Xstate Resources (ASX: XST).

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