Seismic Acquisition Contract Signed for Romanian Permit
Perth, Sep 12, 2012 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) is pleased to announce that a contract for acquisition of 2D and 3D seismic has been signed between ADX and the Romanian company S.C. PROSPECTIUNI S.A. in relation to ADX's Parta licence ("Parta Permit") in Romania.
With the completion of this milestone ADX has secured an experienced contractor who is able to commence operations within a month after the Romanian government has ratified the already executed concession agreement.
The forward work commitment for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of two exploration wells.
Parta Permit
A concession agreement for Parta was signed in January 2011 with NAMR (Agentia Nationala Pentru Resurse Minerale). A final ratification by the Romanian authorities has been repeatedly delayed due to changes of the Romanian government and is expected in the near future. The Parta Permit covers an area of 1,221 km2 and is located in the southern Pannonian basin area of western Romania. It covers 7 excised oil and gas fields and is considered underexplored. The ongoing exploration activity on the ADX Romanian acreage has resulted in the identification of additional exploration potential. Several conventional oil and gas leads and prospects are estimated to contain a total of 112 mmbls of oil and 300 bcf of gas (recoverable mean prospective resource potential). The main target depths are relatively shallow between 800 and 2000 meters.
Romania represents an important growth opportunity in line with ADX's ongoing strategy of focusing its resources on core areas which offer proven prospectivity, excellent fiscal terms and materiality.
Participant interests in the Parta permit exploration will be, subject to approval by the Romanian authorities, as follows;
ADX Energy Ltd 50% Operator
RAG 50%
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.
| ||
|
