Quarterly Activities Report - December 2011
Perth, Feb 1, 2012 AEST (ABN Newswire) - ADX Energy (
ASX:ADX) is pleased to provide a quarterly activities report for the period ended 31 December 2011.
Operational Highlights
Chorbane Permit, onshore Tunisia - Sidi Dhaher-1 discovery
- Laboratory analysis by Corelab (Aberdeen) of the recovered well samples confirmed that the reservoir fluids are typical live crude oil and mud filtrate with minor amounts of water.
- The oil was encountered in the thick, porous and permeable Bireno reservoir of upper Cretaceous age overlain by an 80 m sealing shale section. Down hole pressure measurements and sampling confirmed the presence of an oil column.
- Revised volume calculations based on an updated seismic interpretation and well results resulted in an ADX estimated mean contingent oil in place (OIP) resource of 51 mmbbls. The confirmation of expected recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and estimation of likely recovery factors.
- Invitations to tender for a work over rig to test the discovery were sent to five potential bidders. Four bids were received and documentation formally opened in the presence of the local petroleum authority, ETAP (Enterprise Tunisienne D'Activites Petroliere).
- After selection of the winning bid, an LOI (Letter of Intent) was signed with DIETSWELL SA, for the provision of the Sedlar-160 drilling rig.
Kerkouane Permit - Sicily Channel, offshore Tunisia
In the offshore Kerkouane license, Tunisia, a seismic survey was completed under a data exchange and acquisition agreement with Shell as part of a larger program being undertaken by Shell in their adjacent Sicily Channel licenses. During the quarter the fast-track data processing was completed and the seismic interpretation commenced in the ADX Vienna office. The final PSTM (pre-stack time migration) data processing continued on schedule with a view to providing a revised interpretation of the Kerkouane discovery.
Parta License, onshore Romania
The tender process for 2D and 3D seismic acquisition in 2012 was completed. An excellent response was received with four contractors being evaluated for the final contract to be awarded in early February 2012.
Corporate/Farmins
- A placement to institutions and sophisticated investors of 25,000,000 shares at 8.0 cents each was completed to raise gross proceeds of $2,000,000.
- A share purchase plan to registered shareholders raised an additional $270,000 at 8.0 cents incorporating 3,375,000 shares.
To view the complete ADX Energy Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-576242.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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