AuDAX Resources Limited (ASX:ADX) Quarterly Activities Report Ending 31 March 2010
Perth, May 3, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) releases Quarterly Activities Report Ending 31 March 2010.
Sicily Channel (Offshore Kerkouane and Pantelleria Licenses)
The 640 km2 3D seismic survey over the Lambouka-Dougga prospects area (red outline) that is being conducted using the leading edge PGS (Petroleum Geoservices) dual sensor Geostreamer technology commenced on March 23. Preliminary results from the onboard brute stacks are very encouraging and the data should be of excellent quality.
The 3D fast track cube over the Lambouka prospect is currently being processed with an estimated completion date of May 1. The new data will allow optimum placement of the Lambouka prospect exploration well.
The Lambouka-1 well preparation is at an advanced stage and has a scheduled spud date of June 18, 2010. The well will test two Tertiary targets, the Birsa and Ain Grab and the deeper Upper Cretaceous Abiod Formation which have mean recoverable resources of 270 MMBOE.
Carnavale Resources Ltd (ASX:CAV), PharmAust Ltd (ASX:PAA) and Bombora Energy Ltd have executed farm-in agreements to earn interest in the offshore Sicily Channel (Kerkouane & Pantelleria). The farm-in agreement with Carnavale and Pharmaust are subject to a success fee, payable in July.
AuDAX has accepted a farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in the exploration of AuDAX's two offshore Sicily Channel Permits. The formal farm-in documents are being finalised and are subject to approval of both boards.
The 3D survey should allow better quantification of the recently identified new potential in the Pliocene section that appears analogous to the recent discoveries made by ENI at the proximal Agro, Cassiopea and Panda wells. Shell is exploring in Italy immediately to the north of the AuDAX permits. The play is in the early stage of development but appears to multi-TCF gas potential.
AuDAX is the contractor under the permit and operates on behalf of Enterprise Tunisienne d'Activites Petrolieres ("ETAP").
Tunisian - Chorbane Permit
The Tunisian Authorities (Comitee Consultatif des Hydrocarbures) have approved a one year extension to the Chorbane permit exploration period. The permit expiry data is 12th July 2011.
The extended term allows adequate time to prepare for the drilling of the multi - target Sidi Daher exploration well. A technical discussion is given in the 10th December 2009 ASX release.
The Sidi Daher-1 exploration well has estimated P50 resources of 175 BCF of recoverable gas at the Eocene level in addition to the deeper Upper Cretaceous targets; the Abiod Fm, the Douleb and Bireno Members of the Aleg Fm and the Zebbag Fm. The P50 Abiod Fm recoverable resources are estimated to be 44 mmbls of oil. All reservoirs are proven and producing in the area.
Current technical activity is focused on the preparation for the drilling of the Sidi Daher exploration well that is currently planned for spud in the 4th quarter 2010. AuDAX undertook a field trip during the period to investigate the potential Sidi Daher drill site and has found that both roads, power and water access is readily available.
Romania AMI
Activity in Romania is focused on evaluation of and the preparation for the Romanian 10th Bid Round where 30 concessions covering approximately an 18,000 km2 area are available for bid. Bids are due in May 19, 2010. The evaluation is focused on the concessions located in the Pannonian Basin of western Romania.
The team has identified approximately 90 leads & prospects and is in the final stages of assessing and ranking the concession on offer with a view to the submission of commercially viable and competitive bids.
The bid evaluation and preparation activities, which are in addition to evaluating prospective farm-in and acquisitions opportunities, is part of the Company's strategy to successfully bid and acquire highly prospective exploration and development acreage within the European community.
Australia, PEL 182
Due to strong rainfalls and subsequent heavy flooding, AuDAX has applied for a temporary suspension of the permit to postpone the commitment 2D seismic acquisition.
During the period two offers for the operated share of AuDAX were received and are currently being reviewed by the board.
Corporate
The Company continued the transformation of the Board to experienced oil and gas specialists with the appointment of Ian Tchacos as non executive Chairman.
The Company continued planning to demerge its mineral assets to enable the focus on its oil and gas interests and generate shareholder value from its mineral assets.
An experienced management team and Board has been put in place for the minerals business and preparations for an Initial Public Offering ("IPO") which is expected to occur during the 2nd quarter of 2010 are well advanced. It is intended that AuDAX will retain a substantial interest in the new entity.
The Company has initiated a process for the change of its name to ADX Energy Ltd to ensure there is no ongoing ambiguity in relation to the Company's core business and complete the progression of the Company from the Minerals sector of the ASX to the Energy sector.
For the complete AuDAX Resources Ltd Quarterly Activities Report including figures and maps, please click the following link:
http://www.abnnewswire.net/media/en/docs/62776-ASX-ADX-489871.pdf
About ADX Energy Limited
ADX Energy Limited's (
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.
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