ADX Energy Limited Stock Market Press Releases and Company Profile
Obtains Approval for Transfer of the Chorbane Permit
Obtains Approval for Transfer of the Chorbane Permit

Perth, Aug 15, 2014 AEST (ABN Newswire) - ADX Energy Ltd (googlechartASX:ADX) (googlechartADXRF:OTCMKTS) is pleased to announce that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have approved the transfer of all of AOG's (ADX's wholly owned subsidiary, Alpine Oil and Gas Pty Ltd) remaining interests in the Chorbane permit, onshore Tunisia to Gulfsands.

Pursuant to the Settlement Agreement with Gulfsands Petroleum Tunisia Limited and Gulfsands Petroleum Plc, announced on 23 December 2013, completion of the Chorbane Assignment was conditional upon the issue of this confirmation by the General Department of Energy of the Republic of Tunisia (DGE). This Condition Precedent was satisfied on 11 August 2014. As all conditions are now met Gulfsands is obliged within ten London business days to complete and pay US$ 1.5 million to ADX.

Gulfsands has asserted that the transaction has completed and further that as ADX has among other things not supplied all data and information to it in accordance with the Settlement Agreement, it will not make be making the payment under the Settlement Agreement. ADX believes that completion has not occurred and cannot occur until the final consideration payment is made. ADX is extremely surprised by this communication and awaits particulars as it is firmly of the belief that it has fully and timely discharged all of its obligations under the Settlement Agreement. ADX will investigate Gulfsands assertion and advise the likely course of action in due course.

About ADX Energy Limited

ADX Energy Limited (ASX:ADX)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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Contact

ADX Energy Limited
T: +61-8-9226-2822
F: +61-8-9226-5333
E: admin@adxenergy.com.au
WWW: www.adxenergy.com.au



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