ADX Energy Limited (ASX:ADX) Secures Drilling Rig of Sidi Dhaher Prospect
Perth, Jan 12, 2011 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has signed a Letter of Intent ("LOI") with Challenger Limited to provide Drilling Rig Services for the Sidi Dhaher well in the Chorbane Exploration Permit onshore Tunisia. Challenger will be providing the RIG 37 onshore drilling unit to conduct the work programme.
Subject to receiving final approvals from the Tunisian Authorities, ADX will spud the exploration well to test the Sidi Dhaher prospect during the first week of February.
As previously announced ADX has secured farm-outs with Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) , Xstate Resources Ltd (ASX:XST) (PINK:XSTLF) and Verus Investments Ltd (ASX:VIL) which are expected to fully fund ADX' share of drilling costs for the Sidi Dhaher well.
The Sidi Dhaher prospect is located in the large, 2,428 square km 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.
A summary of the Chorbane Permit and the Sidi Dhaher prospect is attached to this ASX release.
Participant interests in the Sidi Dhaher-1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc 40% *
- XState Resources Ltd 10% *
- Verus Investments Limited 10% *
(*) Note: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
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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