ADX Energy Limited (ASX:ADX) Sidi Dhaher Exploration Well Preparation for Spud
Perth, July 6, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that preparations to spud the Sidi Dhaher exploration well are progressing according to plan.
The rig mast has been erected and draw works were pinned. The Rig-up operation continues as well as the completion and fit out of the camp facilities.
The local conditions that initially delayed these activities have had no material impact on our operations and the Rig-up operation progresses as planned.
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, the Sidi Dhaher prospect and photos of the rig up operations are 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.
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