ADX Energy Limited (ASX:ADX) Announce Sidi Dhaher Operational Update
Perth, Aug 22, 2011 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) provides the following update on preparations for drilling of the Sidi Dhaher well on the Chorbane licence, onshore Tunisia.
The diverter, parts of the choke manifold as well as the surface circulation system has been pressure tested and is now fully functioning. The rig would now under normal circumstances be ready for a final audit and commencement of drilling operations within the next days. ADX has therefore already moved surface casing and mud chemicals for preparing the system for the top hole well section on site.
Given the recent extraordinary delays in sourcing equipment due to factors outside of ADX control, ADX are not prepared to allow the drilling operations to commence until all critical spare parts are on the rig site.
Whilst under normal circumstances most additional spare parts - if needed - could be sourced locally very quickly without delaying drilling operations or compromising safety and well integrity, there is a risk today that during a later phase in the drilling operations - especially when gas kicks are possible - critical spare parts are not available in time.
ADX has advised the drilling contractor that drilling operations will not commence until critical spare parts are actually available on rig site and fully tested. Since an adequate choke line cannot currently be supplied by the drilling contractor locally, this critical well control part has to be sourced from Egypt. This unfortunately is causing another incremental delay in the spud date.
Participant interests in the Sidi Dhaher -1 well will be as follows;
- ADX Energy Ltd 40% Operator
- Gulfsands Petroleum Plc 40% * (LON:GPX)
- 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.
| ||
|
