Perth, Sep 30, 2011 (ABN Newswire) - ADX Energy Limited (ASX:ADX) says today that it has come to the attention of the Company that there has been an unsubstantiated and erroneous report issued recently, containing speculation and speculative analyses about results of the Sidi Dhaher-1 exploration well located onshore Tunisia.
ADX Energy believes that this is definitely not a credible way to report on a Company's drilling results.
ADX Energy has provided regular operational updates regarding this well, and will continue to do so. Premature discussion of well results, particularly related to the presence of hydrocarbons, is inappropriate and irresponsible until all of the data are analysed.
Shareholders can be assured that ADX will continue to release accurate and reliable information as soon as it is reasonably practical to do so.
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
ASX:ADX) says today that it has come to the attention of the Company that there has been an unsubstantiated and erroneous report issued recently, containing speculation and speculative analyses about results of the Sidi Dhaher-1 exploration well located onshore Tunisia.
ADX Energy Limited
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