ADX Energy Limited (ASX:ADX) Lambouka-1 Well - Operations Update #8
Perth, Aug 31, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) reports on activities during past week.
The 8 1/2" section was successfully drilled from 2,219 meters through the main target section (Abiod formation) to the current measured depth of 2,785 meters. A bit change was made at a depth of 2,629 meters.
Further to the update from 27th August which described the preliminary positive indications in the Abiod reservoir section more drilling fluid losses were encountered throughout the entire 8 1/2" section. All losses were managed in a safe and efficient manner.
The combination of drilling fluid losses, high resistivity on MWD (Measurement While Drilling) logs, increase in background gas and oil shows has led to the decision to run a comprehensive set of wireline logs which will provide the basis for a reliable dataset for the evaluation of reservoir properties and the presence of hydrocarbons.
Weekly Operations Forecast:
Forecast operations during the coming week are as follows:
- Drill to final TD and pull out of hole with BHA (bottom hole assembly)
- Commence Formation evaluation by wireline logging
- Conduct MDT (Modular Formation Dynamics Tester)
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/63624-ASX-ADX-503436.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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