AuDAX Resources Limited (ASX:ADX) Accepts Farm In Offer From Gulfsands (LON:GPX) On Sicily Channel Permits
Perth, Mar 22, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has accepted a farm-in offer from Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF) for participation in exploration of AuDAX's two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane (the "Permits").
G.R15.PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia.
AuDAX is the operator and holds a 100% interest in both Permits.
Gulfsands is a London based, international oil and gas exploration, development and production company with oil and gas production in Syria and the Gulf of Mexico and business development activities in Iraq.
Gulfsands will be entitled to earn up to 30% interest in both Permits by paying varying but "promoted" proportion of the costs of an upcoming 3D seismic acquisition programme on the Permits as well as on the drilling of an exploration well which is due to commence drilling in mid June, 2010. Finalisation of formal farm-in documentation for this transaction has yet to be completed and remains subject to board approvals of both AuDAX and Gulfsands.
The forward work commitment for the Kerkouane Permit requires the drilling of one exploration well. Atwood Oceanics Inc (NYSE:ATW) will be providing the "Atwood Southern Cross" semi-submersible offshore drilling unit to conduct the work programme for the deep water "Lambouka" exploration well with an expected spud date of 15th June 2010.
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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