ADX Energy Limited (ASX:ADX) Announce Drilling Update of the Sidi Dhaher Well
Perth, Aug 15, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to provide the following update on progress for the drilling of the Sidi Dhaher well in Tunisia. After initial pressure test failures of the BOP (Blow Out Preventer) for the 13 5/8 well section, subsequent repairs have been successfully completed without major delays. The pressure tests undertaken over the weekend have been successful and the BOP is now fully compliant.
The Diverter system was also successfully installed and will be pressure tested and subsequently commissioned together with other well control pipe work. An update will be provided as soon as all final results are available in relation to the Diverter, pressure testing of well control pipe work and general rig readiness to spud.
The Tunisian authorities have also been supportive to assist ADX in community related employment issues. These issues were in most instances quickly resolved by a team of local ADX employees and delegates of the local community.
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% * (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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