In exchange, ADX Energy has transferred a 30% interest in the Chorbane permit, also in Tunisia, to Gulfsands.
ADX will receive a cash payment of US$250,000 after the agreement has been executed and a further $1.5 million after approvals have been received.
The company expects to receive government approvals within the next four months.
ADX has also submitted a request for a two-year extension for its now wholly-owned Kerkouane permit.
