ADX Energy Limited (ASX:ADX) Tunisian Operational Update: Sidi Dhaher Well Drilling Preparations Completed
Perth, Feb 11, 2011 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) is pleased to report that preparations for the commencement of drilling operations on the Company's operated well are progressing according to plan. Site preparations have been completed and all key service and supply contracts are in place.
Pre testing of rig components before assuming contractual responsibility has commenced and some repairs are being undertaken prior to mobilisation. The company continues to monitor the security situation and subject to final equipment readiness, expects to decide on rig mobilisation next week with a view to spudding the well during February as previously indicated.
As previously announced, ADX has already secured farm-outs with Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF), Xstate Resources Ltd (ASX:XST) and Verus Investments Ltd (ASX:VIL) which are expected to fully fund ADX' share of drilling costs for the Sidi Dhaher well.
The Sidi Dhaher prospect is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure. A summary of the Chorbane Permit and the Sidi Dhaher prospect is attached to this ASX release.
Participant interests in the Sidi Dhaher-1 well will be as follows;
- ADX Energy Ltd: 40% Operator
- Gulfsands Petroleum Plc: 40% *
- XState Resources Ltd: 10% *
- Verus Investments Limited: 10% *
(*) Note: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
For the complete ADX Energy Ltd announcement including maps and images, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/65197-ASX-ADX-528568.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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