AuDAX Resources Limited (ASX:ADX) Sells Cooper Basin Permit (PEL 182) Interest To Victoria Petroleum N.L.
Perth, June 15, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that a Sales and Purchase Agreement has been signed with Victoria Petroleum N.L.(Vicpet) (ASX:VPE) for the sale of ADX's interest in the South Australian onshore Cooper Basin Petroleum Exploration Licence 182.
ADX is the operator of the permit and holds a 49.9% interest. The cash consideration for the sale is A$1.1 million. The agreement is subject to approval by Department of Primary Industry and Resources of South Australia and to pre-emption (or waiver) and coventurer consent under the JOA.
The sale of the PEL 182 permit is consistent with ADX's strategy of focusing its resources in its core areas of Tunisia and Romania where the Company believes it has significantly better opportunities for creating material shareholder value.
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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