AuDAX Resources Limited (ASX:ADX) Quarterly Activities Report For June 2009
Perth, July 31, 2009 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX) is pleased to provide the June 2009 Quarterly Report which provides a summary of the progress made by the company during the quarter.
In April, 17,600,000 shares were issued to sophisticated investors at an issue price of 5 cents raising A$880,000 before costs. In June, 10,000,000 shares were issued to institutional investors at an issue price of 11 cents raising A$1,100,000 before costs.
Funds raised from this issue will be utilised to meet the Company's commitments to the Tunisian Government and in particular the lodgement of a US$1million bond that is refundable upon completion of the first well within the Chorbane Permit.
The Directors wish to report the following activities during the quarter ended 30th June 2009.
- AuDAX executes Joint Venture Agreements for Sicily Channel Permits
- Sambuca well design for location in Kerkouane (Tunisia) completed
- Sambuca tender for semi submersible rig sent out to fifteen drilling contractors
- Independent Evaluation of 74.5 mmboe Dougga Gas Condensate Gas Field
- Chorbane US$ 1.0 million performance bond posted. PSC agreed - Tunisian government to set date for official signing ceremony.
- New Zealand Oil & Gas joins AuDAX operated AMI for Romania
- Completed Reprocessing Study with encouraging results in PEL-182 (Australia)
- Capital Raising: A$1.98m raised
For the complete AuDAX Resources Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61171-ASX-ADX-455150.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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