Gulfsands to close down operations in Morocco

Gulfsands Petroleum PLC, an independent oil and gas exploration and production company incorporated in the United States, announced on Friday that it is no longer perusing Moulay Bouchta Petroleum agreement in Morocco, reports Reuters news agency.

The company is planning to immediately sell off the group’s activities in Morocco, stating that this would help it «focus its management and capital resources in Levant region».

According to the same source, Gulfsands Petroleum PLC «intends to call in $1.75 million of restricted cash held as performance guarantees under Moulay Bouchta contract».

The company is winding down its activities in the kingdom which were held within dedicated subsidiaries and with no parental guarantees in place.

For the record, the British the oil and gas production, exploration and development company is active in Syria, Morocco, Tunisia and Colombia.