Caspian Oil & Gas (ASX:CIG) And Sibinga Petroleum Join AuDAX Resources Limited (ASX:ADX) Operated Romanian Area Of Mutual Interest (AMI)

AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF) is pleased to announce that Caspian Oil & Gas and Sibinga Petroleum have joined the AuDAX operated Romanian AMI (Area of Mutual Interest) effective Dec 1st 2009. The new companies replace former partners NZOG and Nexus Energy which elected to withdraw. By reimbursing AuDAX a large proportion of back costs Caspian and Sibinga have earned a 20% interest each and AuDAX retains a 60% interest and operatorship.

Caspian Oil & Gas (ASX:CIG) and Sibinga Petroleum are upstream energy companies that share the same strategic vision as AuDAX on Romania.

The Romanian AMI was established by AuDAX in late 2007 and has completed an extensive regional prospectivity study and compiled a large and comprehensive database from which the AMI has identified a number of prospective areas.

The AMI entered the current 10th bidding round (30,000sqkm of highly prospective exploration acreage) very well prepared and has identified the most promising and strategic prospects of the relinquished areas.

Recently the Romanian AMI was awarded 8 prospecting licenses. This gives the consortium access to additional data and as a consequence it will place the AMI in a stronger position to successfully bid for highly prospective Romanian hydrocarbon acreage.

AuDAX with its new partners Caspian Oil & Gas and Sibinga Petroleum is looking forward to transforming its competitive advantage into the successful acquisition of premium exploration and development licenses through either the ongoing 10th bidding round and/or the prospecting permits.

About ADX Energy Limited

ADX Energy Limited (ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.

ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.

 

Related Companies

Nexus Energy Limited
       

Caspian Oil & Gas Limited
      

ADX Energy Limited