ADX Energy Limited (ASX:ADX) Lambouka-1 Well - Decision To Suspend Well
Perth, Sep 8, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that the participants have agreed to the Operators proposal to suspend the Lambouka -1 discovery in a manner that is suitable for the future re-entry of the well.
The suspension of the well at this time with the ability for future re-entry will provide the opportunity to obtain additional hydrocarbon and reservoir information in a cost effective manner from an appropriately designed drill stem test of the Abiod Formation. Furthermore, given that the Lambouka structure has further up dip potential from the Lambouka-1 location it is possible to re-drill the bottom section of the well with an appropriate orientation to test the crest of the structure as well as prospective porous sandstones encountered in the lower part of the well that are interpreted to be in closure at an up dip location.
ADX will continue to interpret the data obtained from the Lambouka-1 well in conjunction with 3D seismic data and provide further assessments of the potential of Lambouka discovery.
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.
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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