ADX Energy Limited (ASX:ADX) Sidi Dhaher Operational Update - April
Perth, April 11, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) (PINK:ADXRF) advises that the commencement of operations on the onshore Tunisia Sidi Dhaher-1 well remains delayed while the company continues to work with the local authorities to implement appropriate safety measures during the transportation of the rig to the drilling location and through the subsequent operational phase of the well.
To date, local authorities have been unable to provide ADX with reliable commitments to assist with supervision of the rig move and thereafter trespass prevention during drilling operations to the satisfaction of ADX. Therefore concerns remain as to the safety of the Tunisian communities living near the well site and using the rig equipment access roads that will be used by ADX to mobilize equipment and services to the rig site.
Accordingly, ADX has determined that commencement of the rig move should remain suspended pending agreement with local authorities on appropriate measures for road clearance, traffic control and road safety.
It should be noted that, as with other oil and gas industry operators in Tunisia, ADX continues to receive good cooperation from local authorities and the local community around the Sidi Dhaher-1 well location, but some delay to the normally smooth implementation of these safety measures was to be expected following the significant changes that have recently occurred within the leadership of central and local government authorities and local communities.
ADX will continue to provide updates on this situation which has had minimal cost impact to the joint venture and will continue to exercise patience and prudence with respect to the safety issues arising from the upcoming rig move and drilling operations.
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% * (ASX:XST)
- Verus Investments Limited 10% * (ASX:VIL)
Note: The respective participant interests in the Sidi Dhaher 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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