AuDAX Resources Limited (ASX:ADX) Capital Raising To Meet Bond Requirements Oversubscribed
Perth, Aug 27, 2009 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX)(PINK:ADXRF) is pleased to announce that the Company has completed a placement of 25,160,000 shares at an issue price of 10 cents per share to raise A$2,516,000 from sophisticated investors as defined under the Corporations Act and institutional investors.
Investors include RAB Energy Fund (London) and clients of London based Truestone Capital. The placement was oversubscribed.
Funds raised from this issue will be utilised for the Company's working capital and the placement of a bond with the Tunisian Government for the Kerkouane licence as the next step towards the drilling of the Sambuca Prospect proposed for the first half of next year.
The invitation to tender for drilling services of a semi submersible rig to drill the Sambuca prospect has been sent to fifteen drilling contractors on 25th July.
The Sambuca prospect is located in two contiguous Exploration Permits, in G.R15.PU: in Italian waters and in the Kerkouane Permit offshore northeast Tunisia.
The Sambuca prospect is 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.
Subject to availability of a suitable rig it is expected to drill the Sambuca well in Q1/Q2 of next year.
For the complete AuDAX Resources ASX Announcement, please click the link below:
http://www.abnnewswire.net/media/en/docs/61333-ASX-ADX-457904.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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