Prospecting Licenses Awarded To AuDAX Resources Limited (ASX:ADX)
Perth, Dec 21, 2009 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF) is pleased to announce that the Romanian National Agency of Mineral Resources (NAMR) has awarded eight prospecting licenses to AuDAX.
AuDAX will undertake detailed geological and geophysical studies in these permits to identify the oil and gas potential and high grade future drilling targets. This forms part of AuDAX' strategy to successfully bid for highly prospective Romanian exploration and development acreage in the upcoming licensing rounds.
Since commencing work on Romania in late 2007, AuDAX has completed regional prospectivity studies, compiled a large database and has identified the most promising areas in Romania, one of the prime exploration and production countries within the European Community.
Romania's largest oil & gas producers Petrom (41% state owned) and Romgaz (100% state owned) have both recently been required to relinquish large and potentially prospective areas.
Romania to date has produced approximately 4.5 Billion Barrels of Oil and 30 Tcf of Gas.
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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