Quarterly Activities Report March 2016
- The implementation of overhead cost cutting measurements continued with the completion of all necessary legal, commercial and personnel processes to enable the closure of the Austrian office.
- Implemented asset refocus on low cost, low risk, profitable asset commercialisation with the announcement of contingent resources for the Nilde Area.
- An independent third party assessment of the contingent oil resources in the Sicily Channel license d363C.R-.AX was completed by Senergy (GB), a member of the Lloyd's Register Group of Companies. The work, based on seismic, production and well test data resulted in 2C resources net to ADX of 34 million barrels of oil across the Nilde oil field and three tested discoveries.
- The finalisation of potential Nilde project economics based on costs generated from ongoing discussions with FPSO contractors and drilling contractors which indicate the project is profitable at oil prices down to US$ 20 per barrel for the 1C resources case and US$ 15 per barrel for the 2C resources case, and
- Mapping of 5 exploration leads defined with existing 2D seismic in the d363C.R-.AX permit with total best estimate prospective resources of 90 million barrels of oil.
Onshore Romania - Parta license:
- Due to the increasing regulatory support and landowner willingness to sign permits a process has started to complete the 3D seismic permitting with a cost efficient experienced local team.
- During the quarter activities focused on 2 oil field opportunities in Romania and potential exploration and appraisal assets in Italy.
To view the full report, please visit:
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.
ADX Energy Limited