Gulfsands Petroleum has announced a significant reset of its Putumayo-14 licence in Colombia.
Gulfsands said that it had received confirmation from Agencia Nacional de Hidrocarburos that the PUT-14 licence would be reset to 'Phase 0'.
It said this meant the company would now have the required time to diligently complete the consultation process with the local indigenous communities in the Putumayo region.
It said that on completion of Phase 0, the PUT-14 Licence would re-enter a full 3-year Phase 1 exploration period.
It said this meant that the PUT-14 Licence would now run until at least mid-2021.
Managing director John Bell said: 'This is very significant news for Gulfsands' operations in Colombia.
'The approval of Phase 0 enables Gulfsands to continue in full compliance with the licence and to plan its strategy for Putumayo-14 without immediate time constraints.
'We have commenced the very important Consulta Previa work and look forward to attracting a partner to help us move forward the seismic and drilling programme.
'We believe that the technical potential of the block, together with the current attractive terms of the licence, makes Putumayo-14 a very attractive proposition for an incoming partner.'