Half Yearly Report - June 2013 and Operations Review
Perth, Sep 11, 2013 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) provide the ADX Energy Half Yearly Report for period ending June 2013 and an operations Review.
OFFSHORE ITALY AND TUNISIA (ADX operated)
Kerkouane & Pantelleria Permits (60% interest), d364 C.R-.AX permit (100% interest)
During the six-month period ADX continued to evaluate the permits on its Geostreamer 3D seismic and the 2D seismic acquired by Shell in the northern part of Kerkouane. As a result of these activities the multi target Dougga-West oil prospect in the Tunisian Kerkouane license has been high graded as the leading prospect in the portfolio of future exploration drilling candidates. An independent resources review was also commenced during the period.
The farmout efforts with an objective to fund the next well have continued and resulted in increasing industry interest. No legally binding offer was however made during the reporting period.
In order to allow sufficient preparation time for the next well, ADX has commenced the discussion for the extension of the Kerkouane permit with the Tunisian authorities and received encouraging verbal feedback. In addition to that the development options for the Dougga gas condensate field were discussed further with the Tunisian authorities.
ONSHORE TUNISIA (30% non operated interest)
Chorbane Permit
The exploration focus has shifted to the lower risk but medium size oil and gas prospects in the eastern part of the permit. An attractive exploration and appraisal target has been identified on trend with producing oilfields prior to transferring operatorship.
This so called "SAG" prospect is a possible candidate for a near future seismic acquisition campaign, which is fully funded through the farmout to the new operator Gulfsands.
NEW BUSINESS ACTIVITIES
In order to enhance its portfolio ADX has continued activities in two areas.
1. Building on its existing database and expertise, ADX is actively pursuing opportunities in Romania. This includes also possible corporate deals. In addition, preparations are ongoing for the next Romanian exploration and production licensing round in the near future.
2. Technical assessment, government meetings and networking activity for The Caspian Sea area continued throughout the period.
SUBSEQUENT EVENTS
No matters or circumstance have arisen since 30 June 2013 that have significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity, in subsequent financial years.
To view financial figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-648622.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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