Gulfsands buys into Morocco

Junior stock market-listed Gulfsands Petroleum has acquired a Moroccan oil explorer for around $30m (£18m). Cabre Maroc, acquired from Caitness Petroleum Limited, operates several “highly prospective” oil and gas licences in North Morocco. Completion of Gulfsands Petroleum’s acquisition is due to complete in January, and development and exploration activity will start next year. RBC Capital Markets advised on the deal.