ADX Energy Limited (ASX:ADX) Lambouka-1 Well Interim Update 2
Perth, Aug 30, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) rig operations as at 0600 hrs Tunisian local time (GMT) on the 29th of August were at a measured depth of 2,691 m.
In the 27th August "Lambouka-1 Interim Update" it was reported "losses of circulation fluids, an increase in background gas shows and an anomalously high resistivity on the Measurement While Drilling (MWD) electric logs" were encountered in the wells primary target, the Abiod Formation.
Further drilling through the Abiod reservoir section has revealed the presence of pinpoint dull yellow fluorescence and oil stains in the (water based) drilling mud showing bright yellow fluorescence. Whilst this result is encouraging it cannot without further evaluation be interpreted as proof of the presence of producable hydrocarbons.
This result in combination with the increased background gas shows reported earlier in the Abiod formation, provides further justification for undertaking a comprehensive electric wire line log evaluation program which will include down hole reservoir formation fluid sampling with an MDT tool (Modular Formation Dynamics Tester).
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.
For the complete ADX announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63611-ASX-ADX-503173.pdf
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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