ADX Energy Limited (ASX:ADX) Awarded Exploration Permit Offshore Italy
Perth, July 18, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that the award process for the offshore exploration permit d 364 C.R-.AX in Italian waters has been completed. The adjacent permit d 363 C.R-.AX is under application by ADX.
The awarded permit is contiguous to ADX's offshore Tunisian Kerkouane permit which contains the Dougga gas condensate discovery and the Lambouka gas discovery. ADX is the operator of the permit and holds a 100% interest.
Previous exploration work within the Pantelleria and Kerkouane permits has identified a number of prospects and leads as well as prospective hydrocarbon fairways which have previously remained undetected. Recently acquired geophysical data has confirmed this interpretation.
These highly prospective fairways trend into the offshore areas covered by the new permit. The permit has not seen modern seismic techniques but success in the area has attracted the recent interest of majors such as Shell and Repsol.
High prospectivity combined with the excellent fiscal terms in Italy represents ADX's ongoing strategy of focusing its resources on core areas which offer proven prospectivity, materiality and potential for quick commercialization.
For the complete ADX Energy Limited announcement including maps, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/549249.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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