The refusal sent the company’s shares crashing in London as it said it would most likely write down the whole value of the asset at the end of the year.
The requested two-year extension would have allowed Gulfsands to appraise the gas discoveries made in 2014/2015, however it was rejected as the company failed to reach its minimum work obligation.
The agreement, which covers the Rharb Centre and Rharb Sud permits, was awarded in July 2009 for five years and then previously extended until November.
Under
