Perth, Mar 23, 2010 (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.
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 www.audax.com
Ian Tchacos Chairman Tel: +61-8-9226-2822 www.audax.com
ASX:ADX) (
ADX Energy Limited
Pharmaust Limited
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