ADX Energy Limited (ASX:ADX) Completes The Sale Of Cooper Basin Permit To Victoria Petroleum N.L (ASX:VPE)
Perth, July 27, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to advise that the previously announced sale of its 49.9% interest in the South Australian onshore Cooper Basin petroleum exploration licence (PEL182) has been completed with a subsidiary of Victoria Petroleum N.L.(ASX:VPE) (PINK:VPEMY). The cash consideration of A$1.1 million has been received following satisfaction of the conditions precedent to the sale.
ADX is now better positioned to pursue its strategy of focusing in its core areas of Tunisia, offshore Italy and Romania where the management 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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