ADX Energy Limited (ASX:ADX) Kerkouane License Renewed For Three More Years
Perth, Jan 18, 2011 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (PINK:ADXRF) is pleased to announce that the Government of Tunisia has approved the renewal of the Kerkouane exploration license ("permis de recherche d'hydrocarbures") and granted three more years for exploration and appraisal activities until 22 February 2014. The exploration license can then be renewed for another three years.
ADX and its partners have committed to the following work program in order to obtain this renewal:
- Well test the Lambouka discovery
- Drill a well to a minimum of 2500 meters or drill to the Jurassic reservoir levels in case such a target is a viable economic prospect and can be identified on the newly acquired dual sensor 3D seismic.
- Relinquish 772 km2 of the license area. With that the new Kerkouane license comprises an area of 3080 km2.
The current license contains a number of large appraisal and exploration targets such as:
- Dougga gas condensate field (covered by 3D seismic )
- Lambouka discovery (covered by 3D seismic)
- Dougga-NW ("Son of Dougga") prospect (covered by 3D seismic)
- Newly identified structural - stratigraphic prospects in the Pliocene section (partly covered by 3D, analogy to the very large offshore Sicily discoveries recently made by ENI and Edison)
- Several very large structural prospects typical for the overthrust area in the northern part of the license (covered by 2D seismic).
The following Joint Venture is participating in the Kerkouane permit:
- ADX: 60% Operator
- Gulfsands Petroleum Plc: 30%
- XState Resources Ltd*: 10%* (ASX:XST)
(*) XState has an option with ADX to increase XStates interest in Dougga to 20% under agreed farmin terms. If exercised ADX interest would decrease to 50%
For the complete ADX Energy Limited announcement including location map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/65027-ASX-ADX-524836.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.
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