ADX Energy (ASX: ADX) is an oil and gas exploration and appraisal company. ADX operates five oil and gas permits in North Africa and Europe. ADX also has gold and base metal interests in Australia held via its stake in ASX listed Riedel Resources.
ADX Energy (ASX: ADX) has renewed its Chorbane permit onshore Tunisia for another three years by committing to drilling an exploration well to 2500 metres during this period and relinquishing 20% of the permit area.
Despite the disappointing result at the Sidi Dhaher-1 well onshore Tunisia, there are still several undrilled opportunities in the permit that are independent of Sidi Dhaher.
Deeper Jurassic gas potential has also been confirmed by the Chaal 1 well that was drilled in 2006 by Candax Energy (TSE: CAX) in the adjacent Chaal permit.
In addition, the southern part of the Chorbane permit remained unexplored despite holding potentially large sized structures facing a prolific hydrocarbon generation kitchen area. However, this would require more seismic data acquisition to deliver drillable prospects.
ADX plans to focus its next phase of drilling in Chorbane on a set of prospects close to oil and gas discoveries and within the proven oil and gas kitchen area that exists in the central and eastern part of Chorbane.
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