ADX Energy Limited (ASX:ADX) Rig Selection For Sidi Daher Drilling Approved By Tunisian Authorities
Perth, Dec 7, 2010 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce that ETAP (Enterprise Tunisienne D'Activites Petrolieres) has approved the rig tender evaluation for the drilling of Sidi Daher 1 well on the Chorbane permit as proposed by ADX.
This approval places ADX in the fortunate position of having the choice of four compliant onshore drilling rigs which are technically capable of drilling the Sidi Daher-1 well. The final decision on the preferred drilling rig will be made within the next few days based on commercial criteria and earliest possible spud date. At this stage a spud date in January 2011 is anticipated for Sidi Daher.
Participant interests in the Sidi Daher -1 well will be as follows:
- ADX: 40% Operator
- Gulfsands Petroleum Plc: 40%*
- XState Resources Ltd (ASX:XST): 10%*
- Verus Investments Limited (ASX:VIL): 10%*
(*)Note: The respective participant interests in the Sidi Daher well and the Chorbane Permit are based on the completion of all farmin obligations
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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