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Perth, Mar 22, 2010 (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has accepted a farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in exploration of AuDAX's two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane (the "Permits").
G.R15.PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia.
AuDAX is the operator and holds a 100% interest in both Permits.
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 be entitled to earn up to 30% interest in both Permits by paying varying but "promoted" proportion of the costs of an upcoming 3D seismic acquisition programme on the Permits as well as on the drilling of an exploration well which is due to commence drilling in mid June, 2010. 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 forward work commitment for the Kerkouane Permit requires the drilling of one exploration well. Atwood Oceanics Inc (NYSE:ATW) will be providing the "Atwood Southern Cross" semi-submersible offshore drilling unit to conduct the work programme for the deep water "Lambouka" exploration well with an expected spud date of 15th June 2010.
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has accepted a farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in exploration of AuDAX's two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane (the "Permits").G.R15.PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia.
AuDAX is the operator and holds a 100% interest in both Permits.
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 be entitled to earn up to 30% interest in both Permits by paying varying but "promoted" proportion of the costs of an upcoming 3D seismic acquisition programme on the Permits as well as on the drilling of an exploration well which is due to commence drilling in mid June, 2010. 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 forward work commitment for the Kerkouane Permit requires the drilling of one exploration well. Atwood Oceanics Inc (
NYSE:ATW) will be providing the "Atwood Southern Cross" semi-submersible offshore drilling unit to conduct the work programme for the deep water "Lambouka" exploration well with an expected spud date of 15th June 2010.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>>> Atwood Oceanics Inc.>>> Gulfsands Petroleum plc |
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