Half Yearly Accounts - June 2014
Perth, Aug 22, 2014 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (ADXRF:OTCMKTS) provides the half-year financial report for the six months ended June 2014. A brief operational review is provided with the full report available via link.
Operations Review
ONSHORE ROMANIA (ADX operated)
Parta Permit, Western Romania, 50% interest
Following the Q4 2013 seismic acquisition and the excellent results in terms of both data quality and prospectivity, planning and permitting for the Q3 2014 campaign have been progressed in 2014. The new seismic survey will also include a dense 2D, high resolution grid over a prospect identified on the 2013 seismic campaign. This prospect could be the first drilling target in the Parta license. It contains both a shallow gas opportunity as well as an oil discovery opportunity below the gas prospect, which is supported by seismic amplitude anomalies (AVO effect).
While 3D seismic is certainly preferable to line up a good size portfolio of drilling targets, the 2D infill seismic over the prospect is acquired with a view towards an early drilling of the first Parta well, possibly in Q1 2015.
In preparation for the next anticipated exploration and field rejuvenation licensing round (Round 11) where it is expected that 36 blocks will be offered, ADX has progressed the evaluation of new opportunities and open exploration areas.
OFFSHORE ITALY AND TUNISIA (ADX operated)
Kerkouane, Pantelleria, d364 C.R-.AX & d363 C.R-.AX permits (all 100% interest)
In Italy ADX succeeded to secure the award of the new offshore exploration permit d 363 C.R-.AX ("Nilde" permit). The awarded permit is on trend with ADX's offshore Tunisian Kerkouane Permit. It contains the ENI operated and abandoned Nilde oil field. With this new additional award ADX has now secured a large exploration area in the proven but underexplored foothill belt area of the Sicily Channel. This area contains a chain of large undrilled structures. ADX has proven with its 700 km² Geostreamer 3D seismic acquisition on the Tunisian side of the hydrocarbon trend, that these large potentially hydrocarbon bearing structures can be imaged with modern technology. This was not possible in the past and explains the very low number of exploration wells, despite several oil and gas discovery on this trend.
In addition to generally excellent prospectivity of the area, the specific newly obtained Italian "Nilde" license block would also allow relatively smaller discoveries to be commercially developed. This is due to a combination of water depths predominantly less than 100 meters and the appropriate fiscal regime in Italy.
On the Tunisian side of the foothill belt trend (Kerkouane license), ADX also holds a 100% operated interest in all permits after the withdrawal of Gulfsands. A two years license extension has been agreed with the Tunisian authorities. Final government ratification is pending.
With a 100% operated interest in its entire Sicily Channel license portfolio (see tenement list below), ADX has started a renewed farmout campaign. The 2 year extension period will allow for the opportunity to acquire additional 3D seismic and hence add significant value to the prospect portfolio in a very prospective area which in the past has suffered from mostly limited quality 2D seismic vintage data.
ONSHORE TUNISIA
Chorbane Permit, (Sale of 30% non operated interest)
Subject to government approvals and Gulfsands meeting its financial obligations under the Settlement Agreement dated 23 December 2013, ADX will transfer its entire remaining 30% participating interest in its Chorbane exploration permit onshore Tunisia to Gulfsands. Under the terms of the agreement ADX has received a cash payment of US$ 250,000 after execution of the agreement and will be paid a further US$1,500,000 after receipt of the required government ratification. Refer also to the Subsequent Events note in this report.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-688508.pdf
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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