Perth, Mar 18, 2010 (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX) (PINK:ADXRF) is in the process of finalising a number of farmouts in relation to its Tunisian offshore and onshore acreage that are expected to provide a material source of funding to enable the drilling of an onshore well on the Sidi Daher prospect in the Chorbane permit and an offshore well on the Sambuca prospect in the company's Sicily channel permits.
AuDAX expects to announce further details on the terms of these agreements and its new partners within the next few days.
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.
Contact
Wolfgang Zimmer Managing Director Tel: +43-676-358-1214
Gary Roper Chairman Tel: +61-8-9226-2822 www.audax.com.au
ASX:ADX) (
ADX Energy Limited
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