Agreement for 100% Kerkouane and Sale of Remainder of Chorbane
Perth, Dec 23, 2013 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (ADXRF:OTCMKTS) is pleased to announce that the Company has reached an agreement whereby Gulfsands Petroleum plc ("Gulfsands") withdraws from the Kerkouane permit offshore Tunisia and ADX transfers its entire remaining 30% participating interest in its Chorbane exploration permit onshore Tunisia to Gulfsands.
Under the terms of the agreement ADX will receive a cash payment of US$ 250,000 after execution of this agreement and US$1,500,000 after receipt of the required government approvals, expected to be granted within the next 4 months.
ADX has at the same time submitted a request for 2 year extension of the now 100% operated Kerkouane permit with the Tunisian authorities.
With Kerkouane (Tunisia) and Pantelleria (Italy) licenses ADX holds again 100 pct of almost 5000 sqkm acreage in an underexplored but proven oil and gas province.
The acreage offers a number of dual sensor 3D seismic covered appraisal and exploration projects. Examples are the appraisal project of the Dougga gas condensate discovery by Shell and the leading candidate in ADX's exploration portfolio the Dougga West oil prospect with considerably large resources as described in ADX's ASX announcement dated 6 September 2013. The approx. 700 sqkm 3D dual sensor seismic acquired by ADX has however shown that significant value can be added by delineation of large (anticline style) prospects which would have remained either undiscovered or poorly imaged with the existing vintage 2D data. Therefore the requested extension period will allow for the opportunity to acquire additional 3D seismic and hence add significant value to the prospect portfolio in an area which in the past has suffered from mostly poor quality 2D seismic vintage data.
This transaction is in line with ADX's forward strategy to focus its activities and its resources onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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