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Perth, Mar 22, 2010 (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) announces that it accepted a farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in exploration of the Chorbane Permit onshore Tunisia where AuDAX is the operator and holds a 100% interest.
Gulfsands is a London based, international oil and gas exploration, development and production company with oil and gas production in Syria and the Gulf of Mexico and business development activities in Iraq.
Gulfsands will earn a 40% interest in the Permit by paying 80% of the cost of one exploration well to be drilled later this year. Finalisation of formal farm-in documentation for this transaction has yet to be completed and remains subject to board approvals of both AuDAX and Gulfsands.
The Chorbane permit is located onshore central Tunisia near the port city of Sfax and covers an area of 2,428 square km. It is surrounded by several producing oil fields and extensive oil & gas infrastructure. Previous exploration work in the Chorbane permit has identified a number of prospects and leads, the most prospective being a large tilted horst block ("Sidi Daher") with multiple targets and recoverable prospective resources of 80 mmboe (AuDAX estimate).
Following signing of the Production Sharing Contract for the Chorbane Permit in September 2009, AuDAX has undertaken detailed evaluation work on data which has recently become available. This has led to a high ranking of the Sidi Daher prospect due to a seismic DHI (direct hydrocarbon indicator). In a conservative scenario the reservoir is a "gas only" accumulation within the bounds of the DHI and AuDAX estimates that the structure may contain a total of 175 Bcf of recoverable gas resource (probabilistic mean case).
The forward work commitment for the Chorbane permit requires the drilling of one exploration well.
ASX:ADX) (PINK:ADXRF) announces that it accepted a farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in exploration of the Chorbane Permit onshore Tunisia where AuDAX is the operator and holds a 100% interest.Gulfsands is a London based, international oil and gas exploration, development and production company with oil and gas production in Syria and the Gulf of Mexico and business development activities in Iraq.
Gulfsands will earn a 40% interest in the Permit by paying 80% of the cost of one exploration well to be drilled later this year. Finalisation of formal farm-in documentation for this transaction has yet to be completed and remains subject to board approvals of both AuDAX and Gulfsands.
The Chorbane permit is located onshore central Tunisia near the port city of Sfax and covers an area of 2,428 square km. It is surrounded by several producing oil fields and extensive oil & gas infrastructure. Previous exploration work in the Chorbane permit has identified a number of prospects and leads, the most prospective being a large tilted horst block ("Sidi Daher") with multiple targets and recoverable prospective resources of 80 mmboe (AuDAX estimate).
Following signing of the Production Sharing Contract for the Chorbane Permit in September 2009, AuDAX has undertaken detailed evaluation work on data which has recently become available. This has led to a high ranking of the Sidi Daher prospect due to a seismic DHI (direct hydrocarbon indicator). In a conservative scenario the reservoir is a "gas only" accumulation within the bounds of the DHI and AuDAX estimates that the structure may contain a total of 175 Bcf of recoverable gas resource (probabilistic mean case).
The forward work commitment for the Chorbane permit requires the drilling of one exploration well.
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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