ADX Energy Limited (ASX:ADX) Sidi Dhaher Spud Imminent
Perth, Aug 25, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to provide the following update on progress with preparations for drilling of the Sidi Dhaher well on the Chorbane licence, onshore Tunisia.
With the timely arrival of the choke line on the rig site and subsequent successful compliance testing, minor outstanding preparatory work should be finalized within the next few days. That also includes the expected arrival of the last critical spare items. ADX has now also mobilized well services such as mud-logging, mud engineering and cementing. The drilling contractor is also in the process of incorporating recommendations given by local authorities and the Labor Unions.
A pre spud meeting for the Sidi Dhaher-1 exploration well is planned for Friday 26th August.
Once the rig is fully commissioned and accepted as being compliant to spud by ADX, the drilling contractor will be on contractual day rate.
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.
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.
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