AuDAX Resources Ltd (ASX:ADX) Signs LOI With DNO International ASA (OSL:DNO) On The Chorbane Oil And Gas Permit In Tunisia
Perth, Oct 16, 2009 AEST (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) is pleased to announce that it signed a Letter of Intent ('LOI') with DNO International ASA (OSL:DNO), Norway ('DNO') for participation in exploration of the onshore permit in Tunisia. AuDAX is the operator and holds a 100% interest.
DNO is a reputed Norwegian listed (OSL:DNO) exploration and production operator with petroleum assets in Europe, Africa and the Middle East.
DNO would earn a 50% interest in the Permit by paying 100% of the first exploration well. The LOI is subject to a number of conditions precedent including the signing of a farmin agreement. The execution of the farmin agreement would be subject to all necessary government approvals and formal documentation.
Previous exploration work in the Chorbane Permit has identified a number of prospects and leads, the most prospective being a large structure ("Sidi Daher") with multiple oil targets and recoverable prospective resources in the order of 20 to 80 mmbbls (AuDAX estimate). The Chorbane block is surrounded by oil and gas fields and within an area of excellent oil and gas infrastructure.
The forward work commitment for the Chorbane permit requires reprocessing of 1000km of 2D seismic processing and the drilling of one exploration well.
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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