Quarterly Activities Report - March 2012
Perth, April 30, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.
Highlights
Operational
Chorbane Permit, onshore Tunisia - Sidi Dhaher-1 discovery
- A rig contract with Dietswell SA, for the provision of the Sedlar - 160 drilling rig to flow test the Sidi Dhaher-1 oil discovery was signed. Auditing and testing of the rig and auxiliary equipment commenced.
- The testing programme was approved by Enterprise Tunisienne d'Activités Petrolieres ("ETAP").
- Recruiting and mobilisation of key personnel to the well site was undertaken.
Kerkouane Permit - Sicily Channel, offshore Tunisia and Italy
- An independent third party review incorporating a new ADX depth conversion model and a possible deeper gas water contact interpretation for the Dougga gas condensate discovery has supported a large increase in the upside resource case.
- The prospect interpretation outside the 3D seismic area was also progressed. New tectonic modeling generated by ADX demonstrates the potential for larger sized discoveries than have been encountered inboard from the ADX Sicily Channel acreage. This work will be presented to the industry at an upcoming AAPG conference (ICE, Singapore).
Parta License, onshore Romania
- ADX completed a buy back of the interests of Caspian Oil & Gas Limited and Sibinga Petroleum Limited each having held a 20% interest in the Joint Venture in Romania. The consideration for acquiring each company's interest was the reimbursement by ADX to each company for past joint venture contributions.
- ADX now holds 100% interest in the Parta concession and eleven prospecting permits.
- Farm out negotiations with several European companies were initiated.
- A seismic tender for 2D and 3D was completed which will allow ADX to start seismic operations immediately after Prime Ministerial ratification of the Parta licence agreement.
To view the complete ADX Energy Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-587738.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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