ADX Energy Limited (ASX:ADX) Tunisian Operational Update: Sidi Dhaher Well On Track For February Spud
Perth, Jan 28, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to report that the Tunisian security situation has continued to improve since the demise of the former president.
In relation to operations at the Chorbane permit and the Sidi Dhaher well site, ADX is pleased to advise that the civil works have progressed well and without any security issues.
The well site is expected to be completed around the beginning of February and subject to contractor availability the Sidi Dhaher well is expected to spud during the second half of February. Currently all required contractors have confirmed either in writing or verbally that their services will be available to ADX as planned - that includes the rig contractor Challenger.
Ongoing updates will be provided on the security situation in Tunisia and a more precise spud date will be provided once mobilisation of the Sid Dhaher drilling rig has commenced.
ADX Managing Director Dr. Wolfgang Zimmer said, "Whilst the Tunisian people continued their successful struggle for democracy, ADX has been very fortunate to have all the necessary support required to continue the civil works on the ground and prepare for drilling operations as planned".
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd: 40% Operator
- Gulfsands Petroleum Plc: 40% *
- XState Mediterranean Pty Ltd: 10% * (ASX:XST)
- Verus Investments Limited: 10% * (ASX:VIL)
(*) Note: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
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.
| ||
|
