Romania Operations Update - Parta Permit
Perth, April 18, 2013 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) reports that approximately 90 km of the 2D seismic acquisition program has been completed in the ADX operated EX 10, Parta license ("Parta Permit") onshore Romania and seismic data processing has commenced.
Due to adverse weather conditions resulting in unusually heavy rains and local flooding the seismic acquisition program has been temporarily suspended until about mid July. The program will resume after the main harvest season and further improve acceptance by the local farming population due to the reduced environmental footprint during the dry season. This applies particularly for the 3D seismic.
The acquired 2D seismic lines are of significantly better quality than the data acquired in the past. Preliminary results of the ongoing processing and interpretation activities has already indicated the exciting possibility of a relatively large, multi target oil and gas prospect emerging on the 2D seismic survey. (See below seismic example).
The committed work program for the Parta Permit requires the acquisition of 100k m 2D and 100 km² 3D seismic, respectively as well as the drilling of two exploration wells before May 2015. ADX holds a 50% interest in the license and is the operator.
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 also contains7 excised oil and gas fields within its perimeter and is considered underexplored. Exploration activity ceased in the early eighties with most wells drilled in the sixties and seventies. No 3D seismic has been acquired for exploration purposes.
Geological and geophysical work by ADX to date has led to the identification of several conventional leads and prospects which are estimated to cumulatively contain a recoverable mean prospective resource potential of 47 mmbls of oil and 480 bcf of gas.
The main drilling targets are situated between 800 to 2000 meters depth, whereby the main gas potential is in the shallower section. The planned exploration activity of 2D and 3D seismic will allow the delineation of additional drillable prospects and the upgrade of already identified targets to drill ready status. The 3D seismic targets predominantly oil prospects identified on vintage 2D seismic close to producing oil fields. The 2D seismic will further delineate a mix of oil and gas prospects identified on vintage 2D seismic data.
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.
To view additional data, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-632110.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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