AuDAX Resources Limited (ASX:ADX) Announces Corporate Update
Perth, April 20, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) is pleased to report that it has made significant progress in the transformation of the Company from a Minerals and Petroleum Company to a focused Oil and Gas explorer.
During the past two years the company has achieved several important targets which have positioned AuDAX as a potentially high growth energy company. These milestones include:
- The recruitment of experienced oil and gas management team with extensive experience in the company's current geographic focus areas.
- The acquisition of prospective acreage at high equity interests onshore Tunisia, offshore Tunisia and Italy (Sicily Channel).
- The maturation of two high impact prospects to be drilled during the second half of 2010.
- The completion of several farmin agreements which will provide the majority of the funding for drilling and the acquisition of 3D seismic in the Sicily Channel acreage.
- Transformation of the Company's Board to experienced oil and gas specialists with appropriate corporate and finance experience.
The Company reported earlier this year that it intended to demerge its mineral assets to enable the company to focus on its oil and gas interests, generate shareholder value from its mineral assets and enable the new entity to secure funding for the exploration, appraisal and development of its mineral assets.
The new entity now has an experienced management team and Board in place for the minerals business and is making good progress for an intended Initial Public Offering ("IPO") in the near future. Your company will provide a comprehensive release in due course to explain the terms of the IPO. AuDAX will retain a substantial interest in the new entity and your Board expects that this will result in generation of value for AuDAX shareholders.
As a consequence of the Company's transition AuDAX plans to change its name to ADX Energy Ltd to ensure there is no ambiguity in relation to the Company's core business and the progression of the Company from the Minerals sector to the Energy sector of the ASX.
AuDAX Chairman Mr Tchacos commented, "on behalf of the Board I look forward to providing further updates to our shareholders in relation to the transformation of your Company to a focused energy company, with a potentially valuable shareholding in an independently managed and funded minerals entity."
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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