ADX Energy Sidi Dhaher Rig Preparation Nearing Completion
Perth, April 12, 2012 AEST (ABN Newswire) - ADX Energy Limited (
ASX:ADX) is providing the following progress update for the well test of its Sidi Dhaher-1 oil discovery, Chorbane license, onshore Tunisia.
Mobilisation of key personnel has been mostly completed. The rig provider Dietswell is currently undertaking extensive equipment function testing prior to full mobilisation to the Sidi Dhaher site.
Depending on the exact arrival date of some critical equipment it is expected that well test operations will commence in the next two weeks. This small delay relative to the 26 March ASX announcement is mainly due to shipment timing of critical valves for the kill and chokes line which needs to be replaced.
ADX has previously estimated the mean contingent oil in place resource volume 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 is as follows;
ADX Energy Ltd 40% Operator
Gulfsands Petroleum Plc 40%
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.
| ||
|
