To Receive US$1.5M from Gulfsands
Perth, Feb 4, 2015 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (ADXRF:OTCMKTS) and Gulfsands Petroleum plc (LON:GPX) are pleased to announce that they have reached an agreement concerning the settlement of all claims and liabilities between them.
GPX has agreed to pay ADX US$1.5 million and ADX has agreed to provide certain additional documentation by the end of February 2015. As a result of the settlement, the proceedings before the English High Court will be discontinued.
All other terms of the settlement remain confidential
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.
| ||
|
