AuDAX Resources Limited (ASX:ADX) Receives Approval From ETAP To Drill Sambuca Oil Well
Perth, Aug 20, 2009 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX)(PINK:ADXRF) is pleased to announce that the proposed bidders list for casing and subsea well heads required to drill the Sambuca well has been approved by ETAP. Invitation to Tender for the provision of conductor, surface casing, intermediate and production casing and subsea well heads will be sent to the potential bidders shortly.
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, respectively.
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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