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Perth, Sep 12, 2012 (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) is pleased to announce that a contract for acquisition of 2D and 3D seismic has been signed between ADX and the Romanian company S.C. PROSPECTIUNI S.A. in relation to ADX's Parta licence ("Parta Permit") in Romania.
With the completion of this milestone ADX has secured an experienced contractor who is able to commence operations within a month after the Romanian government has ratified the already executed concession agreement.
The forward work commitment for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of two exploration wells.
Parta Permit
A concession agreement for Parta was signed in January 2011 with NAMR (Agentia Nationala Pentru Resurse Minerale). A final ratification by the Romanian authorities has been repeatedly delayed due to changes of the Romanian government and is expected in the near future. The Parta Permit covers an area of 1,221 km2 and is located in the southern Pannonian basin area of western Romania. It covers 7 excised oil and gas fields and is considered underexplored. The ongoing exploration activity on the ADX Romanian acreage has resulted in the identification of additional exploration potential. Several conventional oil and gas leads and prospects are estimated to contain a total of 112 mmbls of oil and 300 bcf of gas (recoverable mean prospective resource potential). The main target depths are relatively shallow between 800 and 2000 meters.
Romania represents an important growth opportunity in line with ADX's ongoing strategy of focusing its resources on core areas which offer proven prospectivity, excellent fiscal terms and materiality.
Participant interests in the Parta permit exploration will be, subject to approval by the Romanian authorities, as follows;
ADX Energy Ltd 50% Operator
RAG 50%
ASX:ADX) is pleased to announce that a contract for acquisition of 2D and 3D seismic has been signed between ADX and the Romanian company S.C. PROSPECTIUNI S.A. in relation to ADX's Parta licence ("Parta Permit") in Romania.With the completion of this milestone ADX has secured an experienced contractor who is able to commence operations within a month after the Romanian government has ratified the already executed concession agreement.
The forward work commitment for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of two exploration wells.
Parta Permit
A concession agreement for Parta was signed in January 2011 with NAMR (Agentia Nationala Pentru Resurse Minerale). A final ratification by the Romanian authorities has been repeatedly delayed due to changes of the Romanian government and is expected in the near future. The Parta Permit covers an area of 1,221 km2 and is located in the southern Pannonian basin area of western Romania. It covers 7 excised oil and gas fields and is considered underexplored. The ongoing exploration activity on the ADX Romanian acreage has resulted in the identification of additional exploration potential. Several conventional oil and gas leads and prospects are estimated to contain a total of 112 mmbls of oil and 300 bcf of gas (recoverable mean prospective resource potential). The main target depths are relatively shallow between 800 and 2000 meters.
Romania represents an important growth opportunity in line with ADX's ongoing strategy of focusing its resources on core areas which offer proven prospectivity, excellent fiscal terms and materiality.
Participant interests in the Parta permit exploration will be, subject to approval by the Romanian authorities, as follows;
ADX Energy Ltd 50% Operator
RAG 50%
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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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