ADX Energy Limited (ASX:ADX) Sidi Dhaher-1 Well Operations Update No.3
Perth, Sep 12, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to report that following the successful completion of running and cementing 13 3/8" casing the well is being drilled in 12 1/4" hole. Rig operations are drilling ahead at a depth of approximately 1,300 meters. To date the well has intersected two potential reservoir zones, which will be evaluated by wireline logging prior to setting casing at the 9 5/8" casing point.
Weekly operations forecast:
- Drill ahead to next casing point (9 5/8" casing)
- Prepare hole for wireline logging operations - which amongst other things will determine hydrocarbon potential
- Commence 9 5/8" casing operations and continue with drilling the final 8 1/2 hole to end of well
The Sidi Dhaher prospect is located in the 2,428km2 large 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.
The Sidi Dhaher well is targeting an Eocene reservoir with estimated prospective resources of 175 billion cubic feet (5 billion m3) of recoverable gas and a Cretaceous reservoir with estimated prospective resources of 44 million barrels (5.9 million tons) of oil. Additional targets exist in the deeper Douleb and Bireno reservoirs that produce oil and gas in the Guebiba-El Hajeb field immediately east of the Chorbane permit.
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF): 40% *
- XState Resources Ltd 10% * (ASX:XST)
- Verus Investments Limited 10% * (ASX:VIL)
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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