ADX Energy Limited (ASX:ADX) Update On Sidi Dhaher Operations Onshore Tunisia
Perth, Aug 8, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to provide the following update on preparations for the drilling of the Sidi Dhaher well on the Chorbane licence, onshore Tunisia.
With reference to the last update on delays caused by critical equipment not being sourced in time by the drilling contractor Challenger Limited, ADX is now pleased to report that several critical pieces of equipment have arrived on the rig site. That includes the aforementioned critical valve set for the standpipe sourced from Libya. With that the final testing of rig functionality and critical components such as BOP and diverters should commence soon.
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 can be viewed here: http://media.abnnewswire.net/media/en/docs/68894-ASX-ADX-552464.pdf
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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