ADX Energy Limited (ASX:ADX) Chorbane Permit (Onshore Tunisia) Activities Update
Perth, Sep 22, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that tenders for drilling services have been sent to contractors this week with a view to drilling the Sidi Daher prospect in December of this year.
The Sidi Daher prospect is located in the 2,428 square km large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil & gas infrastructure.
Previous exploration work in the Chorbane permit has identified a number of prospects and leads, the most prospective being a large tilted horst block ("Sidi Daher") with multiple targets and total potential recoverable prospective resources of 80 mmbbls (ADX estimate).
Following signing of the Production Sharing Contract for the Chorbane Permit in September 2009, ADX has undertaken detailed evaluation work which led to the high ranking of the Sidi Daher prospect due to a seismic DHI (direct hydrocarbon indicator). In a conservative scenario where the reservoir is a "gas only" accumulation within the bounds of the DHI and ADX estimates that the structure at this level potentially contains 150 Bcf of recoverable gas resource (probabilistic mean case).
As previously announced ADX has secured farmouts with Gulfsands Petroleum Plc and Xstate Resources Ltd which will fund its share of drilling costs for the Sidi Daher well.
Participants in the Lambouka-1 well are as follows;
- ADX: 50% Operator
- Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF): 40%
- XState Resources Limited (ASX:XST): 10%
For the complete ADX Energy Limited announcement including maps, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63772-ASX-ADX-506266.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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