ADX Energy Limited (ASX:ADX) Secures Chorbane Permit Extension And Assurance Of Government Assistance For Sidi Dhaher Drilling Operations
Perth, May 11, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have agreed to the extension of the current Exploration period for the Chorbane permit by one year to the 12th of July 2012.
The Chorbane exploration permit contains the Sidi Dhaher prospect. All site preparations to drill the Sidi Dhaher exploration well have been completed and a ready to drill status has been achieved.
The Tunisian authorities (Ministry of Industry and Technology) have informed the Company during recent meetings in Tunis that the drilling of the Sidi Dhaher well is a priority and the required level of government authority supervision to ensure safe mobilization and efficient drilling operations will be provided. ADX anticipates that the appropriate measures for road clearance, traffic control and road safety will be available shortly.
ADX will continue to prepare for the drilling of the Sidi Dhaher well and provide a further update when a scheduled mobilization date is determined.
The Sidi Dhaher prospect is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure. A summary of the Chorbane Permit and the Sidi Dhaher prospect is attached to this ASX release.
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc 40% *
- XState Resources 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.
| ||
|
