ADX Energy Limited (ASX:ADX) Awarded Exploration Block In Romania
Perth, July 5, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has been awarded exploration block EX-10 PARTA in Romania.
ADX and its Area of Mutual Interest ("AMI") partners [ASX listed Caspian Oil & Gas Limited (ASX:CIG) and Sibinga Petroleum Limited] have participated in the 10th bidding round and submitted bids for four blocks in the Romanian Pannonian Basin. ADX is the operator and holds 60% interest in the AMI and in the awarded block.
The PARTA block has an area of 1,221sqkm and is located in the southern Pannonian basin area of Romania near the town of Timisoara. This prospective block covers 7 producing oil and gas fields and is still considered underexplored based on seismically identified prospectivity.
ADX on behalf of its partners will soon enter into negotiations with the National Agency for Minerals and Resources ("NAMR") to discuss and finalise the terms of the royalty based exploration agreement.
The award of this exploration license in a competitively contested bidding round, represents an important achievement in line with ADX's ongoing strategy of focusing its resources on core areas which offer proven prospectivity, materiality and potential for rapid commercialisation.
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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