ADX Energy Limited (ASX:ADX) Update On Romanian Exploration Activities
Perth, June 16, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to advise that it has participated in the 10th Romanian national bidding round by successfully submitting bids on four blocks in the Pannonian basin (Voivozi, Tria, Biled & Parta) on May 19th 2010.
The area of approximately 30,000 km2 was relinquished by Petrom (BSE:SNP) and Romgaz, represents the largest exploration bidding round of its kind in Romania. The bid opening ceremony confirmed ADX is a qualified bidder.
The combination of extensive prospect generation work with comprehensive in-house regional knowledge enabled ADX to reliably identify and quantify the most prospective areas within the 12 Pannonian blocks (~12.000 sqkm). ADX and its Area of Mutual Interest ("AMI") partners (Caspian Oil & Gas and Sibinga Petroleum) were able to submit a competitive and economically justifiable bid. ADX holds a 60% interest in the AMI and is the operator.
ADX's Romanian activities achieved another important milestone having received certification as operator from National Agency for Minerals and Resources ("NAMR") on May 25th 2010. This qualifies ADX to operate any hydrocarbon exploration and production license in Romania in the future.
The NAMR will evaluate the submissions and shall announce the successful bidders on July 1st 2010.
For the complete ADX Energy announcement including maps, please view the following link:
http://www.abnnewswire.net/media/en/docs/63086-ASX-ADX-494405.pdf
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.
| ||
|
