AuDAX Resources Limited (ASX:ADX) Chorbane Term Extended By One Year
Perth, Feb 26, 2010 AEST (ABN Newswire) - AuDAX Resources Ltd (
ASX:ADX)(PINK:ADXRF) is pleased to announce that the Tunisian Authorities (Comite Consultatif des Hydrocarbures) have extended the exploration period for the Chorbane permit by one year to the 12th July 2011. AuDAX is the operator and holds a 100% interest. Farm out activities are being finalised.
The Chorbane permit is located onshore central Tunisia near the port city of Sfax and covers an area of 2,428 square km. 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).
Following the PSC signature in September 2009, AuDAX has undertaken detailed evaluation work on data which has recently become available. This has led to a high ranking of the Sidi Daher prospect due to a seismic DHI (direct hydrocarbon indicator).
In a conservative scenario the nummulitic Metlaoui 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).
The forward work commitment for the Chorbane permit requires the drilling of one exploration well. Under the terms of the contract with Enterprise Tunisienne d'Activites Petrolieres ("ETAP") and the Tunisian Government, AuDAX is entitled to recover all of its capital and operating costs and share of profit from any commercial production.
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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