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

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

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.

 

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