Invitations have been previously sent to 5 potential bidders. Four bids were received, one company did not respond. Subject to clarification of the submitted bids the full technical and commercial evaluation is expected to be completed by 15th December 2011. Internal ADX, Joint venture and ETAP approval for award of the contract is expected to be received around early January. Following approval, the rig and equipment will be moved to the location and the well prepared for testing.
ADX has previously estimated the mean contingent oil in place resource for the Sidi Dhaher oil discovery to be 51 mmbbls. The confirmation of recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and likely recovery factors.
The Sidi Dhaher discovery is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc 40% * (LON:GPX)
- XState Resources Ltd 10% * (ASX:XST)
- Verus Investments Limited 10% * (ASX:VIL)
* Note: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
About ADX Energy Limited
ADX Energy Limited's (ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed oil and gas exploration and appraisal company. ADX operates four oil and gas permits in North Africa and Europe, together with gold and base metal interests in Australia held via its stake in ASX listed Riedel Resources (RIE). The company is headquartered in Perth, Western Australia with additional offices operating out of Baden (Austria), Tunis (Tunisia) and Bucharest (Romania).
ADX Energy’s vision is to achieve superior shareholder returns through better investment choices, by applying state of the art technology and high quality management. ADX strives to achieve exponential growth based on a strategy of early entry to high impact exploration opportunities in proven oil and gas basins.
Xstate Resources Limited
Verus Investments Limited
Gulfsands Petroleum plc
ADX Energy Limited