Quarterly Activities Report - June 2012
Sydney, July 31, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) announce the Quarterly Activities Report to June 2012 with the following highlights.
Corporate/Farmins
Parta License, Onshore Western Romania
A farm in agreement was executed between ADX and Rohoelaufsuchungsgesellschaft ('RAG') in relation to ADX's Parta licence ("Parta Permit") in Romania. RAG is a financially and technically capable joint venture partner. The farmin is expected to provide the majority of the funding for the first exploration phase consisting of 2D and 3D seismic and drilling of two wells. ADX will retain operatorship and a 50% interest.
Operational
Chorbane Permit, onshore Tunisia - Sidi Dhaher-1 well test
The testing of the Sidi Dhaher-1 well was completed. The flowed water due to very low oil saturations even within the best reservoir zone - from which an oil sample was retrieved during the drilling operations in 2011. The Sidi Dhaher-1 well was plugged and abandoned.
Kerkouane Permit - Sicily Channel, offshore Tunisia and Italy
During the quarter farmout preparations continued with the completion of the exploration prospect & appraisal opportunity analysis. ADX now has an attractive portfolio of four 3D seismic defined prospects which contain a total of approximately 1.2 billion barrels of oil equivalent most likely prospective resources. The contingent resources are in the order of 225 mmboe (Dougga and Lambouka appraisal projects). ADX has also progressed further work on the remaining 5,000 km of the permits where several large 2D seismic defined prospects have been identified.
View the full announcement here:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-598242.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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