Granted Extension Offshore Tunisia
Perth, Mar 9, 2015 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (ADXRF:OTCMKTS) is pleased to announce that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have granted ADX an additional six month extension of the Exploration period for the Kerkouane permit, offshore Tunisia, to the 7th of August 2016.
The ADX operated Kerkouane permit contains an attractive portfolio of appraisal and exploration prospects, such as the multi target Dougga West oil and gas prospect and the Dougga gas condensate discovery.
ADX is seeking to farm out part of its interest to fund the drilling of the next well. Despite trying farmout conditions several material companies with a North African focus are currently reviewing the asset.
The extension will assist ADX with its farmout efforts due to increased work programme flexibility. ADX will update shareholders as soon as a legally binding offer has been received.
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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