AuDAX Resources Limited (ASX:ADX) Independent Evaluation Of 74.5 mmboe Dougga Gas Condensate Field
Perth, July 27, 2009 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX) is pleased to announce that Tracs International Consultancy Limited - a highly reputable UK based reserves evaluation company - has completed a reserves evaluation and development design study of the Dougga Gas Condensate field in AuDAX's Kerkouane license offshore Tunisia. AuDAX currently holds 100% of the Dougga discovery.
Key conclusions of the study are:
- Most likely sales gas and condensate contingent resources are 74.5 mmboe. This includes 42 mmbbls of liquids.
- The upside estimate is 117 mmboe with a liquid contents of 65 mmboe.
- The total project Net Present Value at 10% discount rate for the most likely resource is 1.134 Billion USD, assuming product prices of 80 USD/ bbl of condensate and 9.9 USD / mscf of gas in 2014. In the upside resource case the NPV is estimated to be 2.66 billion USD.
- The detailed development design study has demonstrated that the Dougga field can be developed with conventional off the shelf proven technology with a focus on optimizing condensate and liquids stripping.
- AuDAX is preparing to drill the nearby (12 km) Sambuca exploration prospect before embarking on an appraisal of the Dougga field.
- Sambuca contains the same reservoirs as the Dougga gas condensate field in addition to the expected shallower Birsa oil reservoirs. In the case of an Abiod gas condensate discovery at Sambuca a joint development of both fields would be most profitable.
- The Sambuca prospect is located in two contiguous Exploration Permits, in G.R15.PU, offshore the island of Pantelleria southwest of Sicily in Italian waters and in the Kerkouane Permit offshore northeast Tunisia.
Drilling tender documents have been prepared and an invitation will be sent to the potential bidders shortly.
- Exploration work within the Pantelleria and Kerkouane Permits has identified a number of prospects and leads. The Sambuca prospect appears to be one of the largest undrilled structures in the Mediterranean Sea with a total P50 unrisked recoverable resource potential of 270 million barrels of oil equivalent.
The total P50 unrisked recoverable resource of the mapped prospects in both permits could exceed one billion barrels of oil equivalent.
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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