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Perth, Nov 10, 2011 (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce the completion of the Operators' revised mapping and volume calculations utilizing a new seismic interpretation integrating well results from the recent Sidi Dhaher well.
The Sidi Dhaher discovery encountered a thick, porous and permeable Bireno reservoir of upper Cretaceous age overlaid with an 80 m sealing shale section. Subsequent down hole pressure measurements and sampling confirmed the presence of an oil column.
Based on the available data ADX has estimated the mean contingent oil in place (OIP) resource for the Sidi Dhaher oil discovery to be 51 mmbbls. The confirmation of recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and likely recovery factors.
ADX is currently in the process of finalizing rig selection to progress with well testing as soon as practically possible.
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 the completion of the Operators' revised mapping and volume calculations utilizing a new seismic interpretation integrating well results from the recent Sidi Dhaher well.The Sidi Dhaher discovery encountered a thick, porous and permeable Bireno reservoir of upper Cretaceous age overlaid with an 80 m sealing shale section. Subsequent down hole pressure measurements and sampling confirmed the presence of an oil column.
Based on the available data ADX has estimated the mean contingent oil in place (OIP) resource for the Sidi Dhaher oil discovery to be 51 mmbbls. The confirmation of recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and likely recovery factors.
ADX is currently in the process of finalizing rig selection to progress with well testing as soon as practically possible.
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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>>>       ADX Energy Limited>>> Gulfsands Petroleum plc>>> Verus Investments Limited >>> Xstate Resources Limited |
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