AuDAX Resources Ltd (ASX:ADX) Seismic Contractor Selected For The Kerkouane Permit, Tunisia
Perth, Nov 27, 2009 AEST (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) is pleased to announce that PGS (Petroleum Geoservices) is the successful bidder to provide Seismic Services for the 3D Seismic acquisition in the Kerkouane permit offshore Tunisia. The successful tender was based on the technical merits and commercial evaluation of the four seismic acquisition contractors approved by ETAP (Enterprise Tunisienne D'Activites Petrolieres) in Tunis.
AuDAX expects to acquire the 3D survey over a number of leads and prospects, including the Sambuca prospect and the Dougga field in the first quarter of 2010. PGS will be applying its unique but proven Geostreamer Dual Sensor technology for the first time in Tunisia. The survey will cover approximately 620 sqkm full fold subsurface area.
PGS will not earn any interest in the permits from this programme.
Paul Fink, AuDAX Technical Director commented that the dual sensor Geostreamer incorporates the latest in technology and would accurately image both shallow and deep reservoir targets in an area where large hydrocarbon resource potential could not previously be interpreted, due to poor seismic imaging on both conventional 2D and 3D data.
The Kerkouane permit contains one of the largest undrilled structures in the Mediterranean Sea and several other prospective structures with a total recoverable resource potential of over one billion barrels of oil equivalent. Upon completion the 3D will give the Company a clearer understanding of the targets and confirm the location of the proposed Sambuca exploration well and future evaluation well at the Dougga field.
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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