AuDAX Resources Limited (ASX:ADX) To Acquire 3D Seismic Survey In The Sicily Channel
Perth, Oct 9, 2009 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX)(PINK:ADXRF) is pleased to announce that the invitation to tender for seismic acquisition services for a high resolution 3D seismic survey in the Sicily channel has been forwarded to potential bidders. The company holds two contiguous Exploration Permits in the Sicily Channel, the G.R15.PU permit, offshore the island of Pantelleria in Italian waters and the Kerkouane Permit offshore north-eastern Tunisia.
The survey will be acquired over the Sambuca prospect, the Dougga discovery and will also cover several additional prospects and leads which are presently only imaged by older 2D data. The 3D data set will add excellent value to the prospect portfolio in terms of new prospects and will also substantially reduce the exploration risk and will allow better selection of the optimum drilling locations inside the 3D survey. Prospects covered by 3D seismic are usually valued significantly higher compared to prospects with only 2D seismic coverage.
Another important result of the 3D survey will be that in the case of a discovery in Sambuca or a successful Dougga appraisal well, oil field development can be fast tracked with more confidence in reserves estimates and optimised locations of development wells.
Subject to availability of a suitable seismic vessel it is expected to complete the seismic acquisition by year end 2009.
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.
| ||
|
