Agreement of Chorbane Farmout Onshore Tunisia to Gulfsands
Perth, Nov 26, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce that the Company has reached an agreement to farm out a 10% participating interest in its Chorbane exploration permit onshore Tunisia ("Chorbane") to Gulfsands Petroleum plc ("Gulfsands").
Under the terms of the farm out ADX will receive a cash payment of US$100,000 and funding of up to US$600,000 for ADX's share of a planned US$2 million seismic programme to be carried out on the Chorbane permit.
Following completion of the farm out which is subject to various regulatory approvals that are expected to be received in the coming months, Gulfsands will become Operator of the Chorbane joint venture.
At the conclusion of this farm out ADX will retain 30% in the Chorbane permit.
This transaction is in line with ADX go forward strategy to focus its activities and its resources onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.
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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