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Perth, Feb 3, 2010 (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that Caspian Oil & Gas and Sibinga Petroleum have joined the AuDAX operated Romanian AMI (Area of Mutual Interest) effective Dec 1st 2009. The new companies replace former partners NZOG and Nexus Energy which elected to withdraw. By reimbursing AuDAX a large proportion of back costs Caspian and Sibinga have earned a 20% interest each and AuDAX retains a 60% interest and operatorship.
Caspian Oil & Gas (ASX:CIG) and Sibinga Petroleum are upstream energy companies that share the same strategic vision as AuDAX on Romania.
The Romanian AMI was established by AuDAX in late 2007 and has completed an extensive regional prospectivity study and compiled a large and comprehensive database from which the AMI has identified a number of prospective areas.
The AMI entered the current 10th bidding round (30,000sqkm of highly prospective exploration acreage) very well prepared and has identified the most promising and strategic prospects of the relinquished areas.
Recently the Romanian AMI was awarded 8 prospecting licenses. This gives the consortium access to additional data and as a consequence it will place the AMI in a stronger position to successfully bid for highly prospective Romanian hydrocarbon acreage.
AuDAX with its new partners Caspian Oil & Gas and Sibinga Petroleum is looking forward to transforming its competitive advantage into the successful acquisition of premium exploration and development licenses through either the ongoing 10th bidding round and/or the prospecting permits.
ASX:ADX) (PINK:ADXRF) is pleased to announce that Caspian Oil & Gas and Sibinga Petroleum have joined the AuDAX operated Romanian AMI (Area of Mutual Interest) effective Dec 1st 2009. The new companies replace former partners NZOG and Nexus Energy which elected to withdraw. By reimbursing AuDAX a large proportion of back costs Caspian and Sibinga have earned a 20% interest each and AuDAX retains a 60% interest and operatorship.Caspian Oil & Gas (
ASX:CIG) and Sibinga Petroleum are upstream energy companies that share the same strategic vision as AuDAX on Romania.The Romanian AMI was established by AuDAX in late 2007 and has completed an extensive regional prospectivity study and compiled a large and comprehensive database from which the AMI has identified a number of prospective areas.
The AMI entered the current 10th bidding round (30,000sqkm of highly prospective exploration acreage) very well prepared and has identified the most promising and strategic prospects of the relinquished areas.
Recently the Romanian AMI was awarded 8 prospecting licenses. This gives the consortium access to additional data and as a consequence it will place the AMI in a stronger position to successfully bid for highly prospective Romanian hydrocarbon acreage.
AuDAX with its new partners Caspian Oil & Gas and Sibinga Petroleum is looking forward to transforming its competitive advantage into the successful acquisition of premium exploration and development licenses through either the ongoing 10th bidding round and/or the prospecting permits.
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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.
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>>>       ADX Energy Limited>>> Caspian Oil & Gas Limited>>>  Nexus Energy Limited |
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