ADX Holders,I was just reading Gulfsands operational report from...

ADX Holders,

I was just reading Gulfsands operational report from Dec 11 and noted these comments...


Gulfsands is acquiring working interest positions in two exploration permits in Tunisia (Chorbane and Kerkouane Permits) and one exploration permit in Southern Italy (G.R15.PU) from ADX Energy Ltd the operator of all three permits. The Company's interest in these permits remains subject to the completion of the Company's farm obligations and various approvals from the governments of Tunisia and Italy.

A few questions if you don't mind:

-Are there any payments outstanding from Gulfsands in regard to acquiring the working interest?

-Have they completed their farm in obligations in the Chorbane permit (I'm a VIL SH)

- Tunisian approvals take time with new gov still getting its feet, what timeframe do you expect?

Gulfsands share price has taken a hammering recently due to the fact they've called Force majeure on the Syrian assets and are still owed several million dollars.

Perhaps Tunisia could be a new frontier for them???

The test rig contractor for Sidi Daher seems to be well credentialed and links to Shell so here's hoping for all of us that Gulfsands, ADX, VIL and Shell are onto something big in the Chorbane permit (I think so, therefore I'm holding VIL!!)


GLA


Maddoc