 |
Perth, Oct 16, 2009 (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) is pleased to announce that it signed a Letter of Intent ('LOI') with DNO International ASA (OSL:DNO), Norway ('DNO') for participation in exploration of the onshore permit in Tunisia. AuDAX is the operator and holds a 100% interest.
DNO is a reputed Norwegian listed (OSL:DNO) exploration and production operator with petroleum assets in Europe, Africa and the Middle East.
DNO would earn a 50% interest in the Permit by paying 100% of the first exploration well. The LOI is subject to a number of conditions precedent including the signing of a farmin agreement. The execution of the farmin agreement would be subject to all necessary government approvals and formal documentation.
Previous exploration work in the Chorbane Permit has identified a number of prospects and leads, the most prospective being a large structure ("Sidi Daher") with multiple oil targets and recoverable prospective resources in the order of 20 to 80 mmbbls (AuDAX estimate). The Chorbane block is surrounded by oil and gas fields and within an area of excellent oil and gas infrastructure.
The forward work commitment for the Chorbane permit requires reprocessing of 1000km of 2D seismic processing and the drilling of one exploration well.
DNO is a reputed Norwegian listed (OSL:DNO) exploration and production operator with petroleum assets in Europe, Africa and the Middle East.
DNO would earn a 50% interest in the Permit by paying 100% of the first exploration well. The LOI is subject to a number of conditions precedent including the signing of a farmin agreement. The execution of the farmin agreement would be subject to all necessary government approvals and formal documentation.
Previous exploration work in the Chorbane Permit has identified a number of prospects and leads, the most prospective being a large structure ("Sidi Daher") with multiple oil targets and recoverable prospective resources in the order of 20 to 80 mmbbls (AuDAX estimate). The Chorbane block is surrounded by oil and gas fields and within an area of excellent oil and gas infrastructure.
The forward work commitment for the Chorbane permit requires reprocessing of 1000km of 2D seismic processing and the drilling of one exploration well.
| Tweet |
About ADX Energy Limited
The company's strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it's existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment.
ADX was incorporated in 1987 in order to explore for gold and base metals in Western Australia. The company has recently diversified from its initial minerals focus to include oil and gas exploration. To that effect ADX farmed in PEL 182 into the South Australian portion of the Cooper Basin in 2005.
ADX appointed Wolfgang Zimmer, an oil and gas industry professional with over 27 years experience, as Managing Director in late 2007 to grow the company’s oil and gas business. Subsequent director and staff appointments and the establishment of a European office have boosted the depth of oil and gas experience in the company and allowed the company to expand its oil and gas activities.
Currently ADX operates permits onshore and offshore Tunisia, offshore Italy and onshore Australia and holds an interest in a non operated block in onshore Romania.
ADX is also a participant and operator of a number of AMI's (Area/s of Mutual Interest) that enable it and its partners to efficiently act upon business opportunities.
|
||
|
 |
Related Companies |
>>>       ADX Energy Limited>>> DNO International ASA |
| |
Related Industry Topics: |
Gas & Oil | Energy General | Financial General | |
| |
This Page Viewed: (Last 7 Days: 30) (Last 30 Days: 110) (Since Published: 18880) |
Events & Exhibitions
|
Site Search
| ENGLISH All Languages |
Upcoming WebCasts
 | Mr Mark Paton CEO Cue Energy Resources Tuesday, June 12, 2012 |
 | Mr Alan Hopkins CEO Pan Asia Corporation Tuesday, June 12, 2012 |
 | Mr Barry Dawes Martin Place Securities Tuesday, June 12, 2012 |
 | Dr Andrea Grant CEO Living Cell Technologies Monday, July 02, 2012 |
|
ADX Energy Limited | ||||||
|
|||||||
Companies in the News
Mobile Video TV
|
||
|
||
){kind=link}