AuDAX Resources Limited (ASX:ADX) Terminates Farmin Discussions With DNO International (OSL:DNO)
Perth, Mar 23, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) announces that it has stopped farmin negotiations with DNO International ASA (OSL:DNO), Norway ('DNO') for participation in exploration of the onshore Chorbane permit in Tunisia because the parties failed to agree on the farmin terms.
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 resources of 120 mmboe (AuDAX estimate).
The forward work commitment for the Chorbane permit requires the drilling of one exploration well.
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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