ADX Receives Funds From Gulfsands Settlement
Perth, Feb 12, 2015 AEST (ABN Newswire) - In accordance with the settlement reached between ADX Energy Ltd (
ASX:ADX) (ADXRF:OTCMKTS) and Gulfsands Petroleum plc (LON:GPX) which was previously notified to the market on 4 February 2015, GPX has completed the payment of the first US$1.25 million tranche to ADX. The remainder of the US$1.5 million will fall due, upon certain conditions being met, at the end of February 2015.
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.
| ||
|
