ADX Energy Limited (ASX:ADX) Signed Rig Agreement for Test of Sidi Dhaher Discovery
Perth, Jan 9, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is pleased to announce that a LOI (Letter of Intent) has been signed with DIETSWELL SA, for the provision of the Sedlar-160 drilling rig. Following bid clarification and final contract execution, the rig and equipment will be moved to the Sidi Dhaher-1 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 Chorbane permit and the Sidi Dhaher -1 well are 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)
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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