Perth, Mar 2, 2010 (ABN Newswire) - AuDAX Resources Ltd (
ASX:ADX)(PINK:ADXRF) is pleased to announce that effective immediately Mr Ian Tchacos will replace Mr Gary Roper as non executive Chairman.
Mr Roper will assume a future role in the newly established AuDAX minerals subsidiary as announced in January 2010.
Mr Tchacos is an oil and gas professional with over 25 years international experience in corporate development and strategy, mergers and acquisitions, petroleum exploration, development and production operations, commercial negotiation, oil and gas marketing and energy finance. He has a proven management track record in a range of international oil company environments.
In his last appointment as Managing Director of Nexus Energy (ASX:NXS) he was responsible for this company's development from an onshore micro cap explorer to an ASX top 200 offshore producer and operator. Mr Tchacos' experience is ideally suited for the company's next phase of growth.
Mr Tchacos commented, "I look forward to joining AuDAX Resources at a time of significant exploration activity. The company's expects to drill two high impact wells in Tunisia during the coming year in highly prospective areas. Either prospect if successful has the potential to be transformational for AuDAX. The combination of large exploration resource potential, high retained equity and funding via farmouts is expected to provide AuDAX shareholders with exceptional leverage to success. I look forward to providing further information in relation to these programs in the near future."
Mr Zimmer said, "on behalf of the board, I would like to express my sincere appreciation to Mr Roper for his outstanding service to the company from its inception as a gold explorer to the recent transition into the oil and gas business."
ASX:ADX)(PINK:ADXRF) is pleased to announce that effective immediately Mr Ian Tchacos will replace Mr Gary Roper as non executive Chairman.Mr Roper will assume a future role in the newly established AuDAX minerals subsidiary as announced in January 2010.
Mr Tchacos is an oil and gas professional with over 25 years international experience in corporate development and strategy, mergers and acquisitions, petroleum exploration, development and production operations, commercial negotiation, oil and gas marketing and energy finance. He has a proven management track record in a range of international oil company environments.
In his last appointment as Managing Director of Nexus Energy (
ASX:NXS) he was responsible for this company's development from an onshore micro cap explorer to an ASX top 200 offshore producer and operator. Mr Tchacos' experience is ideally suited for the company's next phase of growth.Mr Tchacos commented, "I look forward to joining AuDAX Resources at a time of significant exploration activity. The company's expects to drill two high impact wells in Tunisia during the coming year in highly prospective areas. Either prospect if successful has the potential to be transformational for AuDAX. The combination of large exploration resource potential, high retained equity and funding via farmouts is expected to provide AuDAX shareholders with exceptional leverage to success. I look forward to providing further information in relation to these programs in the near future."
Mr Zimmer said, "on behalf of the board, I would like to express my sincere appreciation to Mr Roper for his outstanding service to the company from its inception as a gold explorer to the recent transition into the oil and gas business."
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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