AuDAX Resources Limited (ASX:ADX) Signs Farm In Agreement With Pharmaust On Sicily Channel Permit
Perth, Mar 23, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has signed a farm-in agreement with PharmAust Ltd (ASX:PAA) 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.
PharmAust will be entitled to earn 10% interest in the Lambouka prospect area of both Permits by paying a "promoted" proportion of the costs of the drilling of an exploration well which is due to commence drilling in mid June, 2010.
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
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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