Rift Basin Resources Corp. (TSXV:RIF) announced that it will resume trading after their acquisition of the Chorbane exploration permit.
As quoted in the press release:
The Chorbane exploration permit is located onshore central Tunisia near the port city of Sfax, and is surrounded by several producing oil and gas fields and extensive infrastructure. London-based Gulfsands Petroleum plc (AIM:GPX), the Company’s, strategic partner is increasing its own participating interest in the permit, subject to various regulatory approvals, to ultimately hold a 70% participating interest and be the Operator.
Rift Basin’s CEO, Wayne Koshman, said:
We are pleased to be acquiring an interest in this Tunisian permit with our strategic partner as the proposed operator. Our alliance with Gulfsands will facilitate the pursuit and acquisition of additional oil and gas projects in Tunisia and elsewhere in the Middle East and North Africa.