ADX Energy Limited (ASX:ADX) Signs Concession Agreement For Romanian Exploration Block
Perth, Jan 31, 2011 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (PINK:ADXRF) is pleased to announce that it has signed the concession agreement with NAMR (Agentia Nationala Pentru Resurse Minerale) for the exploration block EX-10 PARTA in Romania.
ADX and its Area of Mutual Interest ("AMI") partners (ASX listed Caspian Oil & Gas Limited (ASX:CIG) (PINK:CPOIF) (20%) and Sibinga Petroleum Limited (20%)) participated in the 10th bidding round in 2010 and submitted bids for blocks in the Romanian Pannonian Basin. ADX is the operator and holds a 60% interest in the awarded block.
The PARTA block has an area of 1221 km2 and is located in the southern Pannonian basin area of western Romania. This prospective block has 7 oil and gas fields but is still considered underexplored based on seismically identified prospectivity.
ADX has identified on existing seismic, 12 leads and prospects which are estimated to contain a total of 47 mmbls of oil and 480 bcf of gas (recoverable mean prospective resource potential). Once the Romanian Government has ratified the concession agreement which is anticipated in May 2011, ADX will commence seismic operations.
The award of this exploration block in a competitively contested bidding round represents an important achievement in line with ADX' ongoing strategy of focusing its resources on core areas which offer proven prospectivity, materiality and potential for rapid commercialization.
For the complete ADX Energy Ltd announcement including map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/65118-ASX-ADX-526663.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.
| ||
|
