Finalising Farmouts for the Chorbane Permit
Perth, Nov 21, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) provided guidance today at its Annual General Meeting that it is in the process of completing two farmouts in relation to its Tunisian onshore Chorbane permit.
These transactions are expected to provide ADX with a material source of funding as well as the carry of the Company's retained interest through a seismic acquisition campaign planned for the coming year.
ADX expects to announce further details on the terms of these agreements and its new partners in the near future.
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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