logo-loader

ADX Energy raises A$1m from institutional investor for Tunisian oil search

Last updated: 11:40 16 Oct 2013 AEDT, First published: 10:40 16 Oct 2013 AEDT

no_picture_pai

ADX Energy (ASX: ADX) has received a show of support for the company's Tunisian exploration operations, with the placement of 60 million shares at $0.017 to raise $1 million to one institutional investor.

ADX Energy recently announced an independent competent person’s review of the Dougga West Prospect in its Tunisian operated Kerkouane permit.

Perth based ISIS Petroleum Consultants have confirmed the prospective upside resource potential for the proven Upper Birsa sandstone reservoir in excess of a billion barrels and estimated the most likely OIP at 423 mmbbls.

In addition to the Dougga West prospect, the ADX operated contiguous Sicily Channel blocks Kerkouane (Tunisia) and Pantelleria (Italy) contain a portfolio of appraisal and exploration prospects.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 38 minutes ago