Audax Resources Limited (ASX:ADX) Update on Onshore Tunisia: Direct Hydrocarbon Indicator over Sidi Daher Prospect
Perth, Dec 10, 2009 AEST (ABN Newswire) - AuDAX (ASX:ADX)(PINK:ADXRF) is pleased to announce that the multi target Sidi Daher prospect in the Chorbane Block has been selected as the first drilling target for onshore Tunisia. Detailed evaluation work by AuDAX since the signing of the PSC with the Tunisian Government has identified a Direct Hydrocarbon Indicator (DHI) over the large Sidi Daher prospect.
The Sidi Daher prospect is a large tilted horst block with several prospective reservoir targets. These reservoir targets are already producing in nearby oil and gas fields to the east and north east of the permit. The maximum mapped depth closure at the Eocene Metlaoui - El Gueria reservoir is 73 sqkm. Similar size closures also exist at other prospective reservoirs such as the Upper Cretaceous Abiod down to the Jurassic Nara formation. Of particular interest in Sidi Daher is the relatively shallow Eocene Metlaoui - El Gueria reservoir which is supported by a seismic response known in the industry as a DHI (Direct Hydrocarbon Indicator).
The particular seismic response seen is a flat spot which is caused by a fluid interface such as gas on water or gas on oil or light oil on water. The DHI is conformable with depth closure and can be very clearly seen on a total of seven seismic lines. Whilst the total closure at Metlaoui reservoir level is 73 sqkm, the DHI flatspot area encompasses around 16 sqkm. In a conservative scenario the nummulitic Metlaoui / El Gueria reservoir is a gas only accumulation within the bounds of the DHI. In such a case a total of 175 bcf of recoverable gas resource can be expected (Mean case).
In a more optimistic scenario the structural closure of Sidi Daher would support a gas cap on an oil rim. In this scenario the oil rim would most likely contain (mean case) 54 mmbls of recoverable oil in addition to the gas cap resource. The well will also be testing the deeper prospective reservoirs of Upper Cretaceous age such as the Abiod. At this level the mean prospective recoverable resources are estimated to be 44 mmbls of oil.
Paul Fink, AuDAX Technical Director believes that the seismic DHI has significantly reduced the risk on the Sidi Daher prospect, including reservoir quality risk, since such clear DHI's only develop in good porosity reservoirs. Nearby wells have indeed encountered and confirmed excellent reservoir. In addition a discovery at the deeper Abiod and Nara reservoir levels would now be more likely, since trap integrity and migration risk is mitigated.
Commenting on the new evaluation work, AuDAX' Managing Director Dr. Wolfgang Zimmer said: "With this very encouraging outcome, I am keen to bring the drilling of Sidi Daher forward to the first possible opportunity. The Sidi Daher area is easy to access via existing roads and located near pipeline infrastructure and producing fields. This multi - target prospect with its large upside potential for both oil and gas and a relatively moderate risk is now another potential company maker in our portfolio".
Further ASX announcements regarding rig tendering and expected spud date will be made in the near future.
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.
| ||
|
