Parta Block Concession Agreement Approved By Romanian Government
Perth, Nov 29, 2012 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) is pleased to announce that the Romanian Government has ratified the concession agreement for ADX's Parta license ("Parta Permit") in Romania.
The committed work program for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of two exploration wells. ADX holds 50% of the license and is the operator.
The remaining 8 prospecting permits are still being held by ADX at 100%.
Parta Permit Background
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. Exploration activity ceased in the early eighties with most wells drilled in the 60'ies and 70'ies of the last century. The same applies to seismic data and no 3D seismic has been acquired for exploration purposes. Previously ADX has identified several conventional leads and prospects which are estimated to contain a total of 47 mmbls of oil and 480 bcf of gas (recoverable mean prospective resource potential). The main target depths are relatively shallow between 800 and 2000 meters, whereby the main gas potential is in the shallower section. The ongoing exploration activity on the ADX' Romanian acreage is resulting in the identification of additional exploration potential. Romania represents an important growth opportunity in line with ADX's ongoing strategy of focusing its resources on core areas which offer materiality, proven prospectivity, excellent fiscal terms and access to markets, including direct gas transmission into the European markets.
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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