Quarterly Activities Report - June 2013
Perth, July 31, 2013 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) announce the Activities Report Period Ending 30 June 2013 with the following highlights:
- Parta Permit, Onshore Romania - Completion of first phase of 2D seismic
Following the November 2012 government ratification of the Bid Round 10 Parta license, ADX immediately prepared for seismic operations and were able to commence operations in February 2013. To date no other operators of Round 10 block awards have completed any seismic operations. Approximately 90 km of data were acquired. Seismic data processing has commenced and will be finished early August. The seismic data quality is excellent and of high resolution.
- Kerkouane License, Offshore Tunisia: Focus on Dougga West oil prospect and farm out efforts:
Following an in depth evaluation of the 3D and 2D seismic data, the Dougga West oil prospect is now being promoted as the premier exploration drilling candidate.
During the quarter several interested parties have visited the physical Kerkouane farmout dataroom and the new Dougga West oil prospect was received well.
Offshore Tunisia & Italy - Kerkouane - Pantelleria Permit; d364 C.R-.AX permit (all ADX operated)
ADX is the operator and holds a 60% interest.
During the quarter ADX has entertained several visits by large and midsized companies to its dataroom and farmout presentations in Vienna following a positive review of the online farmout dataroom. While no firm farm in offers have been received yet, the positive technical feedback especially on the Dougga West project is encouraging.
ADX also had meetings in Tunis with the relevant government authorities who provided positive feedback on the Dougga West oil prospect and the likely extension of the current permit period for another 2 years.
Onshore Tunisia - Chorbane Permit
ADX holds a 30% interest
Following a farmout of a 10% interest to Gulfsands PLC, ADX now holds a 30% interest in the permit. As of 1st February 2013 Gulfsands assumed operatorship as a result of the farmout.
Gulfsands has conducted further G&G work and considers the SAG exploration - appraisal area as the most promising candidate for further drilling. Hydrocarbons have been proven in the past in the SAG area and it is on trend and close to producing oil fields and infrastructure.
Currently it is evaluating whether the prospect area should be covered with new 2D seismic data set or alternately whether a 3D survey should be acquired.
Romania: Parta Concession - Pannonian Basin
ADX is the operator and holds a 50% interest.
Immediately after the Parta concession ratification by the Government of Romania on the 27th November 2012, ADX and local Romanian seismic contractor Prospeçtiuni started preparation for seismic acquisition, which included activities such as survey design, permitting and obtaining a number of environmental permits.
Field operations started in mid February 2013 with testing and selection of acquisition parameters. By mid April about 90% of the 2D commitment (100 km) had been completed. The survey was then suspended because of adverse weather conditions and in order to accommodate requests from the local farming community to continue the survey after various crops had been harvested.
The decision to acquire an all dynamite 2D survey proved to be correct as the data quality is significantly higher resolution than any 2D surveys acquired in the past. The seismic data processing has progressed well and final products are expected for the first week of August.
New Ventures Activities
In order to enhance its portfolio ADX has continued activities in two areas.
1. Building on its database and knowledge ADX is actively pursuing opportunities in Romania. That includes possible corporate deals. In addition preparations are ongoing for an expected exploration and possibly production licensing round in the near future.
2. Technical assessment, government meetings and networking activity for The Caspian Sea area continued throughout the quarter.
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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