ADX Energy Limited (ASX:ADX) Lambouka-1 Well - Interim Update
Perth, Aug 27, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) rig operations as at 0600 hrs Tunisian local time on the 26th of August were drilling ahead at a measured depth of 2,511m.
Since the last operations report earlier this week, the Abiod Formation limestones which are the primary target for the Lambouka well have been encountered. The Abiod intersection was associated with some losses of circulation fluids, an increase in background gas shows and an anomalously high resistivity on the Measurement While Drilling (MWD) electric logs.
The current evaluation data is preliminary only and does not without additional information provide a reliable basis on which to interpret either reservoir quality or content. Consequently whether moveable hydrocarbon saturations are present cannot be determined until a more comprehensive suite of evaluation logs are acquired. It is intended that these wire line electric logs will be run according to the approved well plan when the total depth for the well is reached.
ADX will continue to report drilling results from the Lambouka -1 well as they occur.
Participants in the Lambouka -1 well are as follows (note 1);
- ADX (note 2) 30% Operator
- Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF): 30%
- Carnavale Resources Ltd (ASX:CAV): 20%
- XState Resources Ltd (ASX:XST): (note 3) 10%
- PharmAust Limited (ASX:PAA): 10%
Notes:
1. The respective interests in the Lambouka Prospect area in the Kerkouane Permit and the Pantelleria Licence are based on the completion of all farmin obligations.
2. ADX' interest is held via wholly owned subsidiary Alpine Oil & Gas Pty Ltd and pending completion of the farmin obligation, Alpine will continue to hold 100% of the Pantelleria Licence.
3. XState Resources Limited interest is held via wholly owned subsidiary Bombora Energy Limited.
Lambouka Prospect Summary
The Lambouka prospect is located in the ADX operated Kerkouane permit offshore Tunisia. The Lambouka-1 drilling location is approximately 160km North East of Tunis in the Sicily channel. Lambouka is a large 70 square kilometre area tilted horst block which contains three potentially hydrocarbon bearing reservoirs. The goal is to drill a safe well to a total depth of 3,000 meters and to fully evaluate the three potential hydrocarbon formation objectives for the well. All three objectives are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet. The nearest offset well is the Dougga- 1 gas condensate discovery in the Kerkouane permit located approximately 22 km SSW of Lambouka-1.
Lambouka straddles two licences (the Kerkouane Permit in Tunisia and the Pantelleria License in Italy) as well as the border between Tunisia and Italy. The participants in the "Lambouka Prospect Area" which is a limited area defined over the Lambouka prospect within both the Kerkouane and Pantelleria are the same in the subset of both licenses.
Lambouka is one of the largest undrilled prospects in the Mediterranean. By bringing together the Kerkouane and Pantelleria licenses under one operator, ADX has been able for the first time to map the entire structure. This is the likely reason that Lambouka has remained undrilled until now.
The prospect was originally mapped on 2D seismic then recently reconfirmed and remapped on a new 3D seismic data set. The new state of the art 3D seismic was acquired in March 2010 and a "fast-track processing cube" was completed on the 2 May 2010. The 3D data set was used to select the final drilling location for the Lambouka-1 well.
While a commercial oil discovery will likely result in an independent oil development, it is likely that a gas condensate discovery would be developed in conjunction with Dougga. Dougga has been independently assessed to contain a mean resource of 177 Bcf of sales gas, 28.4 mmbbls of condensate and 9.4 mmbbls of LPG.
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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