AuDAX Resources Ltd (ASX:ADX) Quarterly Report For The Period Ending 30 September 2009
Perth, Oct 30, 2009 AEST (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) is the contractor under the permit and operates on behalf of Enterprise Tunisienne d'Activites Petrolieres ("ETAP").
During the quarter, activity was focused on the preparation for drilling the Sambuca exploration well and acquisition design and tendering for a 3D seismic programme over this area.
The following drilling activity related activities were pursued:
1. Drilling management office set up in Tunis with fulltime Drilling Superintendent
2. Metocean Study completed
3. Bid opening held in the presence of ETAP in Tunis. Six valid bids received.
4. Completion of Technical and Commercial Evaluation, including clarification of several tender items
5. Bidder's lists have been submitted to ETAP for approval for the first batch of primary Drilling Services. These tenders include:
- Drilling Fluids
- Electric Wireline Logging and TCP
- Directional Drilling, MWD/LWD and Directional Survey Services
- Cementing Services
- Casing and Tubing Running Services
The following seismic related activities were pursued:
1. Design a layout of 617sqkm full fold 3D seismic
2. Tender documents sent to seismic contractors
Government for the Chorbane onshore permit. AuDAX is the operator and holds a 100% interest.
The Chorbane permit is located onshore central Tunisia near the port city of Sfax and covers an area of 2,428 square km's. It is surrounded by several producing oil fields and extensive oil & gas infrastructure. Previous exploration work in the Chorbane permit has identified a number of prospects and leads, the most prospective being a large tilted horst block ("Sidi Daher") with multiple targets and recoverable prospective resources of 80 mmbbls (AuDAX estimate).
In addition to the oil fields on trend, the Chorbane permit also appears to contain a part of the Candax operated Chaal gas field according to Candax' published map of the Chaal permit.
Published and Ryder Scott reviewed recoverable resources of the Chaal field are 854 BCF of high quality gas. AuDAX estimates that 100 to 200 BCF resources are possibly within the Chorbane permit.
For the complete AuDAX Resources Quarterly Report for the period ending 30 September 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61675-ASX-ADX-467072.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.
| ||
|
