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Perth, July 23, 2012 (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have approved the renewal of the Exploration period for the Chorbane permit onshore Tunisia for three years to the 12th of July 2015. Under the terms of the license 20% of the permit area will be relinquished.
The agreed minimum work obligation for this three year period is to drill one Exploration well to a depth of at least 2500 meters.
Participant interests in the Chorbane permit;
ADX Energy Ltd 40% Operator
Gulfsands Petroleum Plc 40% (LON:GPX)
XState Resources Ltd 10% (ASX:XST)
Verus Investments Limited 10% (ASX:VIL)
ASX:ADX) is pleased to announce that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have approved the renewal of the Exploration period for the Chorbane permit onshore Tunisia for three years to the 12th of July 2015. Under the terms of the license 20% of the permit area will be relinquished.The agreed minimum work obligation for this three year period is to drill one Exploration well to a depth of at least 2500 meters.
Participant interests in the Chorbane permit;
ADX Energy Ltd 40% Operator
Gulfsands Petroleum Plc 40% (
LON:GPX)XState Resources Ltd 10% (
ASX:XST)Verus Investments Limited 10% (
ASX:VIL) |
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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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