Quarterly Activities Report - September 2012
Sydney, Oct 31, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) Quarterly Activities Report - September 2012 is announced with the following highlights:
- Chorbane License, Onshore Tunisia: Renewal to 2015
The Tunisian Authorities (Comité Consultatif des Hydrocarbures) have approved the renewal of the Exploration period for three years to the 12th July 2015. Also, a 20% relinquishment was agreed with ETAP and approved by DGE.
The agreed minimum work obligation for this three year period is to drill one Exploration well to a depth of at least 2500 meters.
- Capital Raising
ADX has completed a placement to sophisticated investors eligible under s.708 of the Corporations Act (2001) of 47,058,825 new shares at 1.7¢ per share to raise $800,000 before costs.
- Parta permit Romania - Contract for Seismic Acquisition signed:
ADX has secured with Romanian company S.C. PROSPECTIUNI S.A. an experienced and cost efficient seismic contractor who will be acquiring both 3D and 2D seismic in the Parta license prior to drilling of two wells. Prospectiuni is able to commence operations within a month after the Romanian government has ratified the already executed concession agreement.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-611513.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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