ADX Energy Limited (ASX:ADX) Received Four Bids for Sidi Dhaher Testing
Perth, Dec 8, 2011 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce that tender documents for a drilling rig to test the Sidi Dhaher discovery were received and formally opened in the presence of ETAP (Enterprise Tunisienne D'Activites Petrolieres).
Invitations have been previously sent to 5 potential bidders. Four bids were received, one company did not respond. Subject to clarification of the submitted bids the full technical and commercial evaluation is expected to be completed by 15th December 2011. Internal ADX, Joint venture and ETAP approval for award of the contract is expected to be received around early January. Following approval, the rig and equipment will be moved to the location and the well prepared for testing.
ADX has previously estimated the mean contingent oil in place resource for the Sidi Dhaher oil discovery to be 51 mmbbls. The confirmation of recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and likely recovery factors.
The Sidi Dhaher discovery 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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