Gulfsands wins Morocco licence

Gulfsands Petroleum, the Aim-listed oil and gas explorer with activities in Syria, Morocco, Colombia, Tunisia and the US, said yesterday that it has won a new licence in Morocco. The firm will operate and hold a 75 per cent stake in the Moulay Bouchta permit, which encompasses an area of 2,850 square kilometres located in northern Morocco. State-owned Office National des Hydrocarbures et des Mines will retain a 25 per cent interest.