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Perth, Oct 26, 2011 (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce that following suspension to secure Sidi Dhaher-1 well the Challenger drilling rig has been released from location without incident. All related equipment has been demobilized and the well and camp site have been cleared.
Preparations for selection and contracting of appropriately sized and cost effective equipment to conduct a testing program are nearing completion following the short listing of suitable rigs. Testing of the hydrocarbon bearing zones will determine the commerciality of the discovery and confirm that oil can be produced at commercial rates.
The oil and mud filtrate samples recovered from the well have arrived at the laboratory in the UK. Analysis has commenced with results which will provide information on oil quality and chemical composition expected within one week.
The interpretation and integration of well results with a revised seismic interpretation is progressing well. Finalization of this work is expected early November with a view to providing a potential resource range for the discovery.
The Sidi Dhaher discovery is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc 40% * (LON:GPX)
- XState Resources Ltd 10% * (ASX:XST)
- Verus Investments Limited 10% * (ASX:VIL)
Note*: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
ASX:ADX) is pleased to announce that following suspension to secure Sidi Dhaher-1 well the Challenger drilling rig has been released from location without incident. All related equipment has been demobilized and the well and camp site have been cleared.Preparations for selection and contracting of appropriately sized and cost effective equipment to conduct a testing program are nearing completion following the short listing of suitable rigs. Testing of the hydrocarbon bearing zones will determine the commerciality of the discovery and confirm that oil can be produced at commercial rates.
The oil and mud filtrate samples recovered from the well have arrived at the laboratory in the UK. Analysis has commenced with results which will provide information on oil quality and chemical composition expected within one week.
The interpretation and integration of well results with a revised seismic interpretation is progressing well. Finalization of this work is expected early November with a view to providing a potential resource range for the discovery.
The Sidi Dhaher discovery is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc 40% * (
LON:GPX)- XState Resources Ltd 10% * (
ASX:XST)- Verus Investments Limited 10% * (
ASX:VIL)Note*: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
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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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