Perth, Aug 31, 2010 (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) reports on activities during past week.
The 8 1/2" section was successfully drilled from 2,219 meters through the main target section (Abiod formation) to the current measured depth of 2,785 meters. A bit change was made at a depth of 2,629 meters.
Further to the update from 27th August which described the preliminary positive indications in the Abiod reservoir section more drilling fluid losses were encountered throughout the entire 8 1/2" section. All losses were managed in a safe and efficient manner.
The combination of drilling fluid losses, high resistivity on MWD (Measurement While Drilling) logs, increase in background gas and oil shows has led to the decision to run a comprehensive set of wireline logs which will provide the basis for a reliable dataset for the evaluation of reservoir properties and the presence of hydrocarbons.
Weekly Operations Forecast:
Forecast operations during the coming week are as follows:
- Drill to final TD and pull out of hole with BHA (bottom hole assembly)
- Commence Formation evaluation by wireline logging
- Conduct MDT (Modular Formation Dynamics Tester)
Participants in the Lambouka -1 well are as follows (note 1);
- ADX (note 2) 30% Operator
- Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF): 30%
- Carnavale Resources Ltd (ASX:CAV): 20%
- XState Resources Ltd (ASX:XST): (note 3) 10%
- PharmAust Limited (ASX:PAA): 10%
Notes:
1. The respective interests in the Lambouka Prospect area in the Kerkouane Permit and the Pantelleria Licence are based on the completion of all farmin obligations.
2. ADX' interest is held via wholly owned subsidiary Alpine Oil & Gas Pty Ltd and pending completion of the farmin obligation, Alpine will continue to hold 100% of the Pantelleria Licence.
3. XState Resources Limited interest is held via wholly owned subsidiary Bombora Energy Limited.
Lambouka Prospect Summary
The Lambouka prospect is located in the ADX operated Kerkouane permit offshore Tunisia. The Lambouka-1 drilling location is approximately 160km North East of Tunis in the Sicily channel. Lambouka is a large 70 square kilometre area tilted horst block which contains three potentially hydrocarbon bearing reservoirs. The goal is to drill a safe well to a total depth of 3,000 meters and to fully evaluate the three potential hydrocarbon formation objectives for the well. All three objectives are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet. The nearest offset well is the Dougga- 1 gas condensate discovery in the Kerkouane permit located approximately 22 km SSW of Lambouka-1.
Lambouka straddles two licences (the Kerkouane Permit in Tunisia and the Pantelleria License in Italy) as well as the border between Tunisia and Italy.
The participants in the "Lambouka Prospect Area" which is a limited area defined over the Lambouka prospect within both the Kerkouane and Pantelleria are the same in the subset of both licenses.
Lambouka is one of the largest undrilled prospects in the Mediterranean. By bringing together the Kerkouane and Pantelleria licenses under one operator, ADX has been able for the first time to map the entire structure.
This is the likely reason that Lambouka has remained undrilled until now.
The prospect was originally mapped on 2D seismic then recently reconfirmed and remapped on a new 3D seismic data set. The new state of the art 3D seismic was acquired in March 2010 and a "fast-track processing cube" was completed on the 2 May 2010. The 3D data set was used to select the final drilling location for the Lambouka-1 well.
While a commercial oil discovery will likely result in an independent oil development, it is likely that a gas condensate discovery would be developed in conjunction with Dougga. Dougga has been independently assessed to contain a mean resource of 177 Bcf of sales gas, 28.4 mmbbls of condensate and 9.4 mmbbls of LPG.
For the complete ADX announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63624-ASX-ADX-503436.pdf
ASX:ADX) (PINK:ADXRF) reports on activities during past week.The 8 1/2" section was successfully drilled from 2,219 meters through the main target section (Abiod formation) to the current measured depth of 2,785 meters. A bit change was made at a depth of 2,629 meters.
Further to the update from 27th August which described the preliminary positive indications in the Abiod reservoir section more drilling fluid losses were encountered throughout the entire 8 1/2" section. All losses were managed in a safe and efficient manner.
The combination of drilling fluid losses, high resistivity on MWD (Measurement While Drilling) logs, increase in background gas and oil shows has led to the decision to run a comprehensive set of wireline logs which will provide the basis for a reliable dataset for the evaluation of reservoir properties and the presence of hydrocarbons.
Weekly Operations Forecast:
Forecast operations during the coming week are as follows:
- Drill to final TD and pull out of hole with BHA (bottom hole assembly)
- Commence Formation evaluation by wireline logging
- Conduct MDT (Modular Formation Dynamics Tester)
Participants in the Lambouka -1 well are as follows (note 1);
- ADX (note 2) 30% Operator
- Gulfsands Petroleum Plc (
LON:GPX) (PINK:GFPOF): 30%- Carnavale Resources Ltd (
ASX:CAV): 20%- XState Resources Ltd (
ASX:XST): (note 3) 10%- PharmAust Limited (
ASX:PAA): 10%Notes:
1. The respective interests in the Lambouka Prospect area in the Kerkouane Permit and the Pantelleria Licence are based on the completion of all farmin obligations.
2. ADX' interest is held via wholly owned subsidiary Alpine Oil & Gas Pty Ltd and pending completion of the farmin obligation, Alpine will continue to hold 100% of the Pantelleria Licence.
3. XState Resources Limited interest is held via wholly owned subsidiary Bombora Energy Limited.
Lambouka Prospect Summary
The Lambouka prospect is located in the ADX operated Kerkouane permit offshore Tunisia. The Lambouka-1 drilling location is approximately 160km North East of Tunis in the Sicily channel. Lambouka is a large 70 square kilometre area tilted horst block which contains three potentially hydrocarbon bearing reservoirs. The goal is to drill a safe well to a total depth of 3,000 meters and to fully evaluate the three potential hydrocarbon formation objectives for the well. All three objectives are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet. The nearest offset well is the Dougga- 1 gas condensate discovery in the Kerkouane permit located approximately 22 km SSW of Lambouka-1.
Lambouka straddles two licences (the Kerkouane Permit in Tunisia and the Pantelleria License in Italy) as well as the border between Tunisia and Italy.
The participants in the "Lambouka Prospect Area" which is a limited area defined over the Lambouka prospect within both the Kerkouane and Pantelleria are the same in the subset of both licenses.
Lambouka is one of the largest undrilled prospects in the Mediterranean. By bringing together the Kerkouane and Pantelleria licenses under one operator, ADX has been able for the first time to map the entire structure.
This is the likely reason that Lambouka has remained undrilled until now.
The prospect was originally mapped on 2D seismic then recently reconfirmed and remapped on a new 3D seismic data set. The new state of the art 3D seismic was acquired in March 2010 and a "fast-track processing cube" was completed on the 2 May 2010. The 3D data set was used to select the final drilling location for the Lambouka-1 well.
While a commercial oil discovery will likely result in an independent oil development, it is likely that a gas condensate discovery would be developed in conjunction with Dougga. Dougga has been independently assessed to contain a mean resource of 177 Bcf of sales gas, 28.4 mmbbls of condensate and 9.4 mmbbls of LPG.
For the complete ADX announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63624-ASX-ADX-503436.pdf
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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