Proactiveinvestors Australia ADX Energy Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia ADX Energy Ltd RSS feed en Mon, 25 Mar 2019 15:30:52 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - ADX Energy receives funds to support gas appraisal well onshore Romania ]]> https://www.proactiveinvestors.com.au/companies/news/205496/adx-energy-receives-funds-to-support-gas-appraisal-well-onshore-romania-205496.html ADX Energy Limited (ASX:ADX) has received US$1.5 million which will enable drilling of an appraisal well at the Parta exploration licence onshore Romania.

These funds represent tranche two of an agreement with Reabold Resources PLC (LON:RBD) to invest US$2 million in special purpose vehicle Danube Petroleum Limited in which ADX holds 71% and Reabold 29%.

Key milestones achieved

The tranche two transfer was made upon the achievement of key milestones including the approval of the location and well program for the first appraisal well by the relevant Romanian Licensing Authority (NAMR).

Other milestones were landowner approvals for access to the rig site and finalisation of a tendering process for key long lead equipment purchases.

These items include casing, tubing and wellheads as well as a rig contract to drill the first well of the two well program.

Historical gas discovery

The Iecea Mica 2 well is a redrill of a historical gas discovery.

It has independently assessed appraisal potential 2C contingent gas resources of 15.5 billion cubic feet (Bcf) and additional exploration potential defined on 3D seismic.

The best estimate unrisked prospective resources of the latter are 15.6 Bcf.

Economic potential

ADX believes there is excellent economic potential due to low drilling and development costs, favourable fiscal terms and robust gas pricing.

Danube was formed to conduct appraisal, development and exploration activities onshore western Romania.

Danube’s interests are held via a wholly-owned Romanian subsidiary including a 50% interest in the Parta exploration licence, 100% interest in the Iecea Mare Production Licence and 100% participating interest in the Parta Appraisal Program.

Option for further investment

ADX and Reabold have agreed that Reabold has an option, at its election, to invest a further US$500,000 and ADX will either invest directly or source investment from a third party of US$500,000 on the same terms as Reabold’s tranche one and two investments by October 31, 2018.

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Mon, 24 Sep 2018 15:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205496/adx-energy-receives-funds-to-support-gas-appraisal-well-onshore-romania-205496.html
<![CDATA[News - ADX Energy secures US$2 million to drill for gas in Romania ]]> https://www.proactiveinvestors.com.au/companies/news/188203/adx-energy-secures-us2-million-to-drill-for-gas-in-romania-188203.html ADX Energy Limited (ASX:ADX) has secured a US$2 million investment from Reabold Resources PLC (LON:RBD), for a 29% shareholding in UK based Danube Petroleum, an ADX subsidiary.

Upon settlement, Reabold will hold a 50% interest in the Parta exploration license located in Western Romania and a 100% participating interest in the upcoming Parta appraisal program.

The US$2 million investment will be used to drill the first well of the two well appraisal program during the second half of 2018.

The two appraisal wells will target a combination of tested contingent and log derived prospective gas resources spread over a total of 5 gas reservoirs.

If all prognosed zones are successful, ADX is projected to recover US$85 million of post-tax net present value from 33 billion cubic feet equivalent of recoverable gas.

The licence has excellent economic potential due to low drilling and tie in costs, availability of proximal gas infrastructure, strong gas pricing and excellent fiscal terms.

ADX is aiming to source a further US$2 to US$3 million investment in Danube by mid 2018, which will provide sufficient funding to drill a second well in the Parta appraisal program.

The company’s shares closed circa 8% higher on Monday, at $0.013.

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Tue, 05 Dec 2017 08:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188203/adx-energy-secures-us2-million-to-drill-for-gas-in-romania-188203.html
<![CDATA[News - ADX Energy Ltd gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/168644/adx-energy-ltd-gets-ready-to-raise-168644.html The halt will remain in place until the opening of trade on Thursday 10th November 2016, or earlier if an announcement is made to the market.

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Tue, 08 Nov 2016 08:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168644/adx-energy-ltd-gets-ready-to-raise-168644.html
<![CDATA[News - ADX Energy on the path to commercialise Nilde Oil Field ]]> https://www.proactiveinvestors.com.au/companies/news/167888/adx-energy-on-the-path-to-commercialise-nilde-oil-field-167888.html About 300 million barrels of oil initially in place (OIIP) has now been estimated for the Nilde Field based on additional field data acquired by ADX.

The revised estimates factors in all the available geological, drilling and production data, adding credibility to the potential value of the Nilde Oil Field re-development plan.

ADX is currently reviewing development options along with facility providers of FPSO’s (floating, production, storage and offloading facilities) and MOPU’s (mobile offshore production units).

A drilling and well completion study has been undertaken to develop drilling programs and cost estimates for vertical, high angle or horizontal appraisal wells that can be used as producers.

The company’s primary objective is to secure funding and approvals to drill appraisal wells that can be used as future development wells in 2017.

ADX is engaged with a number of potential farm-in partners and potential purchasers of an interest in the field. A formal farm out process will commence in November 2016.

The company’s share price has increased by 67% during 2016, last trading at $0.005.

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Wed, 26 Oct 2016 17:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167888/adx-energy-on-the-path-to-commercialise-nilde-oil-field-167888.html
<![CDATA[News - ADX Energy Ltd in ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/148088/adx-energy-ltd-in-asx-trading-halt-68321.html ADX Energy Ltd (ASX:ADX) is preparing to outline details of a placement to sophisticated and institutional investors, with the ASX granting the company a trading halt to prepare.

Most recently the company has been focused on oil field opportunities in Romania and potential exploration and appraisal assets in Italy.

The halt will remain in place until the opening of trade on Monday 2nd May 2016, or earlier if an announcement is made to the market.

 

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Thu, 28 Apr 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148088/adx-energy-ltd-in-asx-trading-halt-68321.html
<![CDATA[News - These are the biggest ASX% Gainers at mid-day ]]> https://www.proactiveinvestors.com.au/companies/news/148087/these-are-the-biggest-asx-gainers-at-mid-day-61408.html Tuesday’s leading ASX % Gainers intra-day.

NameCodeLastChangeVolume ORH Limited ASX:ORH $0.002 100% 250,000 Latitude Consolidated ASX:LCD $0.018 100% 5,020,750 ADX Energy ASX:ADX $0.005 66.7% 827,928 Black Range Minerals ASX:BLR $0.003 50% 26,600,560 Sun Resources ASX:SUR $0.003 50% 300,000 Tawana Resources ASX:TAW $0.007 40% 2,109,999 Spectrum Rare Earths ASX:SPX $0.011 37.5% 20,000 GB Energy ASX:GBX $0.004 33.3% 379,375 Silver City Minerals ASX:SCI $0.017 30.8% 103,322 Smarttrans Holdings ASX:SMA $0.015 25% 10,734,852

 

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Tue, 24 Mar 2015 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148087/these-are-the-biggest-asx-gainers-at-mid-day-61408.html
<![CDATA[News - ADX Energy receives extension to Tunisia exploration permit ]]> https://www.proactiveinvestors.com.au/companies/news/148086/adx-energy-receives-extension-to-tunisia-exploration-permit-61144.html ADX Energy (ASX:ADX) has been granted an additional six month extension to the exploration period for its Kerkouane permit offshore Tunisia.

This will assist the company with its farm-out efforts due to increased work program flexibility.

Kerkouane contains an attractive portfolio of appraisal and exploration prospects, such as the multi target Dougga West oil and gas prospect and the Dougga gas condensate discovery.

ADX is seeking to farm out part of its interest to fund the drilling of the next well.

Despite trying farm-out conditions, several material companies with a North African focus are currently reviewing the asset.

ADX recently received US$1.5 million from Gulfsands Petroleum (AIM:GPX) as settlement of all claims and liabilities between the two companies.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 09 Mar 2015 15:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148086/adx-energy-receives-extension-to-tunisia-exploration-permit-61144.html
<![CDATA[News - ADX Energy heads to market ]]> https://www.proactiveinvestors.com.au/companies/news/148085/adx-energy-heads-to-market-58106.html Energy explorer ADX Energy (ASX:ADX) is heading to market with a capital raising.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

The company's near-term activity will be focused in the Sicily Channel, both offshore Tunisia and Italy, and Romania.

The strategy is to acquire material permit interests of 50+% which provides monetisation leverage, and fund drilling via farm‐outs but retain significant interests which provides material upside to drilling success.

ADX holds a 19.4% interest in Riedel Resources (ASX:RIE)

The halt will remain in place until the opening of trade on Tuesday 14th October 2014, or earlier if an announcement is made to the market.

 

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.

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Fri, 10 Oct 2014 18:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148085/adx-energy-heads-to-market-58106.html
<![CDATA[News - ADX Energy awarded offshore oil permit near Italy ]]> https://www.proactiveinvestors.com.au/companies/news/148084/adx-energy-awarded-offshore-oil-permit-near-italy-55112.html ADX Energy (ASX:ADX) should trade firmer after the Italian Ministry of Industry has awarded the offshore exploration permit d 363 C.R-.AX to ADX.

The awarded permit is on trend with ADX’s offshore Tunisian Kerkouane Permit and adjacent to its previously awarded d 364 C.R-AX license.

ADX is the operator of the permit and holds a 100% interest via its fully owned Italian subsidiary.

The block is on the same structural trend as the proven onshore Cap Bon oil and gas fields in Tunisia, the Dougga West and Elissa oil prospects in the Kerkouane block, and contains the Nilde oil field.

In addition to the high prospectivity the area would also allow relatively smaller discoveries to be commercially developed.

This is due to a combination of water depths predominantly less than 100 meters and the supportive fiscal regime in Italy.

ADX is capitalised at under $7 million.

 

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.

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Wed, 21 May 2014 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148084/adx-energy-awarded-offshore-oil-permit-near-italy-55112.html
<![CDATA[News - ADX Energy acquiring more 3D and 2D seismic over Romanian oil and gas licence ]]> https://www.proactiveinvestors.com.au/companies/news/148083/adx-energy-acquiring-more-3d-and-2d-seismic-over-romanian-oil-and-gas-licence-49718.html ADX Energy (ASX: ADX) has started the second phase of a 200 square kilometre 3D seismic and 190 kilometre 2D seismic program at the Parta Licence onshore Romania.

This follows the acquisition of 90 kilometres of 2D seismic earlier this year that highlighted distinct Amplitude Versus Offset (AVO) related amplitude anomalies at depths of around 1000 meters within sandstone reservoirs that are likely to be related to gas.

The additional 2D seismic will further delineate this feature.

It also expects the additional data to further de-risk the prospect with the associated AVO gas anomaly, which overlies a large structure that is interpreted as potentially oil bearing.

Drilling rig selection and drilling preparation in the Parta permit could commence within the next months.

ADX has a 50% operating interest in the Licence and is also required to drill two exploration wells before May 2015.

 

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.

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Thu, 31 Oct 2013 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148083/adx-energy-acquiring-more-3d-and-2d-seismic-over-romanian-oil-and-gas-licence-49718.html
<![CDATA[News - ADX Energy raises A$1m from institutional investor for Tunisian oil search ]]> https://www.proactiveinvestors.com.au/companies/news/148082/adx-energy-raises-a1m-from-institutional-investor-for-tunisian-oil-search-49135.html 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.

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Wed, 16 Oct 2013 10:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148082/adx-energy-raises-a1m-from-institutional-investor-for-tunisian-oil-search-49135.html
<![CDATA[News - ADX Energy heads to market for capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/148081/adx-energy-heads-to-market-for-capital-raising-49060.html ADX Energy (ASX: ADX) is in pre-open this morning following the ASX granting the company a trading halt, pending details of a capital raising.

The company recently announced that it had concluded 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 such as the Dougga gas condensate field, which is also covered by the dual sensor Geostreamer 3D seismic acquired in 2010.

Prior to drilling the next well, ADX seeks to divest part of its interest in order to fund the well.

ADX Energy said at the time that several interested companies are currently reviewing the asset.

The halt will last until the opening of trade on Wednesday 16th October 2013, or earlier if an announcement is made to the market.

 

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.

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Mon, 14 Oct 2013 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148081/adx-energy-heads-to-market-for-capital-raising-49060.html
<![CDATA[News - ADX Energy provides an update on oil potential for Sicily Channel Oil Prospect ]]> https://www.proactiveinvestors.com.au/companies/news/148080/adx-energy-provides-an-update-on-oil-potential-for-sicily-channel-oil-prospect-47672.html ADX Energy (ASX: ADX) has received a report from a consultant that has estimated the resource potential at its Dougga West Prospect in its Tunisian operated Kerkouane permit.

ISIS Petroleum consultants has estimated prospective upside resource potential for the proven Upper Birsa sandstone reservoir at over a billion barrels and estimated the most likely OIP (“oil in place”) at 423 mmbbls.

Before drilling of the next well, ADX will seek to divest part of its interest in order to fund the well given contiguous Sicily Channel blocks Kerkouane (Tunisia) and Pantelleria (Italy) and interest shown in the permits.

 

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.

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Fri, 06 Sep 2013 14:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148080/adx-energy-provides-an-update-on-oil-potential-for-sicily-channel-oil-prospect-47672.html
<![CDATA[News - ADX Energy identifies new gas prospect in Romania ]]> https://www.proactiveinvestors.com.au/companies/news/148079/adx-energy-identifies-new-gas-prospect-in-romania-47218.html ADX Energy (ASX: ADX) has identified a new prospect at its Parta exploration licence onshore Romania following special processing of its first phase 2D seismic acquisition.

This revealed a distinct AVO related amplitude anomalies at depths of about 1,000 metres within sandstone reservoirs which are interpreted to be most likely related to gas.

The company will acquire additional 2D seismic in order to further delineate the feature. This is also expected to further confirm and de=risk the relatively large structure with the associated AVO gas anomaly, which overlies a large structure that is interpreted as potentially oil-bearing.   

Preparations for drilling of this prospect and others could start by mid-October.

The 1,221 square kilometre Parta concession contains 7 excised oil and gas fields with mean prospective resource potential of 47 million barrels of oil and 480 billion cubic feet of gas.

 

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.

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Tue, 27 Aug 2013 17:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148079/adx-energy-identifies-new-gas-prospect-in-romania-47218.html
<![CDATA[News - ADX Energy readies to begin flow testing Sidi Dhaher oil discovery ]]> https://www.proactiveinvestors.com.au/companies/news/148078/adx-energy-readies-to-begin-flow-testing-sidi-dhaher-oil-discovery--28648.html ADX Energy (ASX: ADX) is preparing to test the Sidi Dhaher-1 oil discovery in the onshore Chorbane licence, Tunisia following the intersection of several potentially productive formations.

Reservoir fluid samples recovered confirmed the presence of oil in the deeper Bireno formation.

Detailed interpretation and analysis indicated a good quality Bireno carbonate reservoir with an estimated 30 metre oil column.

Importantly, the Bireno formation in several nearby fields has proven very productive.

Further upside is log analysis also indicated potential pay in the Cherahil formation, which will be tested if the Bireno formation test results are unfavourable.

The mean contingent oil in place resource volume for the Sidi Dhaher oil discovery has been estimated at 51 million barrels.

The 2428 square kilometre Chorbane permit has all the hallmarks of a highly prospective oil and gas asset.

It contains large undrilled structures in a producing oil and gas province with high quality seismic available over prospects and leads.

ADX announced the securing of a drill rig for flow testing Sidi Dhaher in late March and originally expected test results to be available mid-April. However, local issues as well as rig equipment and service delays have set testing back slightly.

The rig and associated equipment is expected to be mobilised to site shortly.

ADX holds a 40% stake in Chorbane while Gulfsands Petroleum (LON: GPX) also holds 40%. The remaining 20% is split equally between XState Resources (ASX: XST) and Verus Investments (ASX: VIL).


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Wed, 09 May 2012 14:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148078/adx-energy-readies-to-begin-flow-testing-sidi-dhaher-oil-discovery--28648.html
<![CDATA[News - ADX Energy continues to make progress towards testing of Tunisian oil discovery ]]> https://www.proactiveinvestors.com.au/companies/news/148077/adx-energy-continues-to-make-progress-towards-testing-of-tunisian-oil-discovery--27959.html ADX Energy (ASX: ADX) has completed mobilisation of all key personnel for testing of its Sidi Dhaher-1 oil discovery in the onshore Chorbane licence, Tunisia.

Testing of rig related equipment is also ongoing and  good progress has been made on final preparations of all test equipment from other services including test and oil processing equipment and crude trucking.

ADX has also decided to mobilise the support camp to the well site.

However, it is now in talks to find a satisfactory solution after access to the site was temporarily disrupted by some local people, who demanded employment during testing operations, blockaded local roads.

ADX said it has signed agreements with members of the local community who are affected directly by the operations and has consulted with the local community leading up to the mobilisation of testing equipment.

It added that it continues to receive the support of the local community and that the local authorities support its efforts to find a solution.

Mean contingent oil in place resource volume for the Sidi Dhaher oil discovery has been estimated at 51 million barrels. Well testing will aim to confirm the recoverable volumes and resulting potential reserves, and identify commercial flow rates and recovery factors.

The 2428 square kilometre Chorbane permit has all the hallmarks of a highly prospective oil and gas asset.

It contains large undrilled structures in a producing oil and gas province with high quality seismic available over prospects and leads.

ADX holds a 40% stake in Chorbane while Gulfsands Petroleum (LON: GPX) holds another 40%. The remaining 20% is split equally between XState Resources (ASX: XST) and Verus Investments (ASX: VIL).

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Mon, 23 Apr 2012 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148077/adx-energy-continues-to-make-progress-towards-testing-of-tunisian-oil-discovery--27959.html
<![CDATA[News - ADX Energy secures rig to test Sidi Dhaher-1 oil discovery in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148076/adx-energy-secures-rig-to-test-sidi-dhaher-1-oil-discovery-in-tunisia-26882.html ADX Energy (ASX: ADX) expects to start in about 16 days, flow testing operations at its key Sidi Dhaher-1 oil discovery in the Chorbane permit onshore Tunisia after signing the contract for the rig.

Sidi Dhaher has estimated mean contingent oil in place of 51 million barrels of oil though confirmation of recoverable volumes is contingent on the results of the well test.

The Dietswell Sedlar-160 drilling rig and auxiliary equipment are currently being audited and critical equipment will be tested in the storage yard in the city of Sfax prior to mobilisation to the Sidi Dhaher-1 well site.

Initial results from the test, which has been approved by Tunisian petroleum regulator ETAP, are expected to be available by mid April 2012.

ADX is also continuing design work for an extended well test program that will take place in the event of successful oil flows during the initial test period.

This will provide additional production and reservoir performance information that will be used for field development and planning purposes.

The 2428 square kilometre Chorbane permit has all the hallmarks of a highly prospective oil and gas asset.

It contains large undrilled structures in a producing oil and gas province with high quality seismic available over prospects and leads.

This gives ADX plenty of follow up potential.

To top it off, the permit is close to existing onshore pipelines, a strong gas market and oil equivalent pricing conditions, making it commercialisation of any discoveries both quick and economically attractive.

ADX holds a 40% stake in Chorbane while Gulfsands Petroleum (LON: GPX) holds another 40%. The remaining 20% is split equally between XState Resources (ASX: XST) and Verus Investments (ASX: VIL).

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Mon, 26 Mar 2012 11:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148076/adx-energy-secures-rig-to-test-sidi-dhaher-1-oil-discovery-in-tunisia-26882.html
<![CDATA[News - ADX Energy close to testing Sidi Dhaher oil discovery in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148075/adx-energy-close-to-testing-sidi-dhaher-oil-discovery-in-tunisia-25826.html ADX Energy (ASX:ADX) is all but set to test its key Sidi Dhaher-1 oil discovery in the Chorbane permit onshore Tunisia that can be quickly developed if commercial due to its proximity to existing infrastructure.

Sidi Dhaher has estimated mean contingent oil in place of 51 million barrels of oil though confirmation of recoverable volumes is contingent on the results of the well test.

ADX said the contract for the Dietswell Rig will be formally signed in the coming days and scheduling to move the rig and auxillary equipment to the well site is currently underway.

Key site personnel area already in place and an operational work program has been agreed and finalised by the joint venture with testing operations expected to start within three weeks.

Initial results are expected by the end of March 2012.

ADX is also preparing to carry out an extended production test to establish long-term flow performance in the event of a successful test.

Tunisian spring

The 2428 square kilometre Chorbane permit has all the hallmarks of a highly prospective oil and gas asset.

It contains large undrilled structures in a producing oil and gas province with high quality seismic available over prospects and leads.

This gives ADX plenty of follow up potential.

To top it off, the permit is close to existing onshore pipelines, a strong gas market and oil equivalent pricing conditions, making it commercialisation of any discoveries both quick and economically attractive.

ADX holds a 40% stake in Chorbane while Gulfsands Petroleum (LON: GPX) holds another 40%. The remaining 20% is split equally between XState Resources (ASX: XST) and Verus Investments (ASX: VIL).

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Wed, 29 Feb 2012 13:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148075/adx-energy-close-to-testing-sidi-dhaher-oil-discovery-in-tunisia-25826.html
<![CDATA[News - ADX Energy gains full control of Romanian block, targets seismic funding from new farm-ins ]]> https://www.proactiveinvestors.com.au/companies/news/148074/adx-energy-gains-full-control-of-romanian-block-targets-seismic-funding-from-new-farm-ins-24854.html ADX Energy (ASX:ADX) has bought out its partners in the Parta block in Romania, giving it complete control and the leverage to secure more attractive farm-ins.

The company bought back the 20% interests held by both Caspian Oil & Gas (ASX:CIG) and Sibinga Petroleum by reimbursing their past joint venture contributions.

While ADX did not reveal any costs, work on Parta has been limited thus far as ADX focused on its Tunisian acreage, where it has recently made the Sidi Dhaher-1 discovery.

ADX believes its 100% interest in Parta will allow it to secure major funding through farm-ins to carry out modern 2D and 3D seismic this year with the aim of drilling exploration wells quickly.

The company has already received good tender responses from four seismic contractors and expects a contract to be awarded this month.

The 1221 square kilometre Parta block covers seven excised oil and gas fields in the Pannonian Basin of western Romania.

It is considered to be underexplored though ADX has identified – on existing seismic data – several leads and prospects that could hold a total of 47 million barrels of oil and 480 billion cubic feet of gas.

Main target depths range from 800 metres to 2000 metres.

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Fri, 03 Feb 2012 13:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148074/adx-energy-gains-full-control-of-romanian-block-targets-seismic-funding-from-new-farm-ins-24854.html
<![CDATA[News - ADX Energy boosts funds by $2 million to fund exploration ]]> https://www.proactiveinvestors.com.au/companies/news/148073/adx-energy-boosts-funds-by-2-million-to-fund-exploration-22262.html ADX Energy (ASX: ADX) has raised $2 million, which will go towards funding the company’s exploration programs in Tunisia and Romania.

The money was raised through the placement of 25 million new shares at $0.08 per share.

In addition to the placement, a share purchase plan will be offered to existing shareholders, issuing up to 12.5 million shares at $0.08 per share to raise $1 million.

The record date for the share purchase plan is November 17, 2011. Further details will be announced in the near future.

Money raised under the placement and share purchase plan will supplement ADX’s existing cash reserves, which at June 30, 2011, stood at $783,000.

ADX recently announced an estimate of 51 million barrels of mean contingent oil in place at Sidi Dhaher-1 in Tunisia, with well testing set to begin once rig selection is finalised.

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Fri, 18 Nov 2011 10:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148073/adx-energy-boosts-funds-by-2-million-to-fund-exploration-22262.html
<![CDATA[News - ADX Energy in pre-open pending capital raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/148072/adx-energy-in-pre-open-pending-capital-raising-announcement-22127.html ADX Energy (ASX: ADX) has been granted a trading halt pending an announcement regarding a capital raising.

The company has given no clues as to the nature of the capital raising.

ADX recently announced an estimate of  51 million barrels of mean contingent oil in place at Sidi Dhaher-1 in Tunisia, with well testing set to begin once rig selection is finalised.

The halt will last until the earlier of announcement being made to the market, or the opening of trade on Friday November 18.

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Wed, 16 Nov 2011 10:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148072/adx-energy-in-pre-open-pending-capital-raising-announcement-22127.html
<![CDATA[News - ADX Energy estimates 51 mmbbls at Sidi Dhaher oil discovery in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148071/adx-energy-estimates-51-mmbbls-at-sidi-dhaher-oil-discovery-in-tunisia-21880.html ADX Energy (ASX: ADX) has estimated 51 million barrels of mean contingent oil in place at Sidi Dhaher-1 in Tunisia, after completing the operator's revised mapping and volume calculations.

These calculations were made using a new seismic interpretation integrating well results from the recent Sidi Dhaher well.

ADX Energy said subsequent down hole pressure measurements and sampling confirmed the presence of an oil column.

The Sidi Dhaher discovery encountered a thick, porous and permeable Bireno reservoir of upper Cretaceous age overlaid with an 80 m sealing shale section. Subsequent down hole pressure measurements and sampling confirmed the presence of an oil column.

The company is currently finialising rig selection, which will then allow well testing to begin.

The Sidi Dhaher discovery is located in the 2,428 square kilometre Chorbane Exploration Permit in onshore central Tunisia near the port city of Sfax, and increasing the prospectivity it is surrounded by several producing oil fields and extensive oil and gas infrastructure.

 

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Thu, 10 Nov 2011 14:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148071/adx-energy-estimates-51-mmbbls-at-sidi-dhaher-oil-discovery-in-tunisia-21880.html
<![CDATA[News - ADX Energy shares soar 40% on first oil shows from Sidi Dhaher in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148070/adx-energy-shares-soar-40-on-first-oil-shows-from-sidi-dhaher-in-tunisia-20316.html ADX Energy (ASX: ADX) has been well supported by the market, with its shares rising 40% on volumes of more than 12 million shares on a day when the market fell two per cent, due to first oil shows.

The company’s Sidi Dhaher well, located in the 2,428 square kilometre Chorbane exploration permit onshore Tunisia, encountered an interpreted oil column of 30 metres on the basis of pressure data, oil recovered and mud filtrate from down hole sampling.

A well test is required to confirm oil production at commercial rates.

The Sidi Dhaher well has been drilled to 2011 metres measured depth, and wireline logs, formation pressures.

Reservoir fluids have been acquired over the open-hole interval from 999 metres measured depth to 2011 metres measured depth to evaluate the quality and hydrocarbon content of several potential reservoirs encountered within this borehole section.

The well has intersected a pre-Tertiary aged section that is structurally higher than predicted.

Wireline logs indicate the presence of several potential reservoir zones within the Tertiary and Cretaceous aged sections, with relatively high porosity and permeability interpreted within Upper Cretaceous formations.

Wireline fluid sampling from an Upper Cretaceous aged reservoir has recovered a mixture of drilling mud, drilling mud filtrate and oil, indicating deep invasion of drilling fluids into a permeable reservoir and the presence of moveable oil.

The oil gradient calculated from formation pressures within the interpreted oil column suggests the presence of relatively light oil.

The well will be suspended pending future production testing operations to determine oil quality and reservoir productivity.

Sidi Dhaher is located in central Tunisia, near the port city of Sfax, and is surrounded by several producing oil fields and extensive oil and gas infrastructure.

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Mon, 03 Oct 2011 15:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148070/adx-energy-shares-soar-40-on-first-oil-shows-from-sidi-dhaher-in-tunisia-20316.html
<![CDATA[News - ADX Energy delays spud date at Sidi Dhaher well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148069/adx-energy-delays-spud-date-at-sidi-dhaher-well-in-tunisia-18828.html ADX Energy (ASX:ADX) has elected to wait until all critical spare parts are on the rig site at Sidi Dhaher well on the Chorbane licence, onshore Tunisia before providing a spud date for the well.

Participant interests in the Sidi Dhaher -1 well are: ADX Energy Ltd 40% Operator, Gulfsands Petroleum plc 40%, XState Resources Ltd 10% (ASX: XST) and Verus Investments Limited 10% (ASX: VIL).

On the plus side, the diverter, parts of the choke manifold as well as the surface circulation system has been pressure tested and is now fully functioning. The rig would now under normal circumstances be ready for a final audit and commencement of drilling operations within the next days.

ADX has already moved surface casing and mud chemicals for preparing the system for the top hole well section on site.

Given the recent delays in sourcing equipment due to factors outside of ADX's control, there is a risk that additional spare parts may not be sourced locally without delaying drilling operations or compromising safety and well integrity.

ADX has advised the drilling contractor that drilling operations will not commence until critical spare parts are actually available on rig site and fully tested.

This critical well control part has to be sourced from Egypt. This is causing another incremental delay in the spud date.

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Mon, 22 Aug 2011 09:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148069/adx-energy-delays-spud-date-at-sidi-dhaher-well-in-tunisia-18828.html
<![CDATA[News - ADX Energy buys back 20% interest in Lambouka oil and gas prospect in offshore Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148068/adx-energy-buys-back-20-interest-in-lambouka-oil-and-gas-prospect-in-offshore-tunisia-18616.html ADX Energy (ASX: ADX) has increased exploration exposure in the area between Tunisia and Italy, with a sale and purchase agreement to buy back a 20% interest in the Lambouka Prospect Area in the Kerkouane Permit from Carnavale Resources (ASX: CAV).

ADX Energy has also cancelled the option of Carnavale to purchase an interest in the section of the Lambouka prospect that extends into Italian waters.

The key terms of the sale include upon a payment of US$765,000 by Carnavale to ADX Energy for past joint venture costs and satisfaction of other conditions precedent, ADX Energy will issue to Carnavale 11,172,535 shares - with the majority escrowed.

There are also some conditions to the agreement, and in the event that production is derived from a development of hydrocarbons discovered in the Lambouka #1 well drilled in 2010 - ADX Energy will pay two production payments of US$1million each.

The history is ADX Energy farmed out a 20% interest in the Lambouka Prospect Area to Carnavale in early 2010 to provide funding for the Lambouka #1.

The Lambouka-1 well intersected a gas column interpreted based on comprehensive LWD (logging while drilling) and a wireline logging data set which was recovered during the drilling of the well, but due to the instability of the borehole while drilling and evaluating Lambouka, it was not possible to test the well.

Lambouka is located 70 kilometres north-east of onshore Cap Bon in the Sicily channel, with the Dougga gas condensate discovery 22 kilometres to the south-south-west.

 

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Fri, 12 Aug 2011 15:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148068/adx-energy-buys-back-20-interest-in-lambouka-oil-and-gas-prospect-in-offshore-tunisia-18616.html
<![CDATA[News - ADX Energy moves closer to spudding Sidi Dhaher well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148067/adx-energy-moves-closer-to-spudding-sidi-dhaher-well-in-tunisia-18345.html ADX Energy (ASX: ADX) is progressing preparations for the commencement of drilling the Sidi Dhaher well on the Chorbane licence, onshore Tunisia, with the rig up process nearly completed.

The company is waiting for the delivery of a few small, but critical unresolved operational safety items to the well site location, which has resulted in an ongoing delay in the spudding of the well.

The delay has been caused by transport and customs challenges resulting from this equipment being sourced from the drill contractor’s regional offices in Benghazi, Libya.

Civil unrest in Libya and delays in Tunisian customs processing has meant the rig cannot be formally accepted by ADX until these safety items are on site, installed and satisfactorily inspected and tested.

Payments to the drilling contractor for use of this rig will only commence once the rig is fully commissioned and accepted as ready to spud by ADX.

As operator, ADX has a 40% interest in Sidi Dhaher which is located in the 2,428 square kilometre large Chorbane Exploration Permit in central Tunisia, near the port city of Sfax. The project is well located near several producing oil fields and extensive oil and gas infrastructure.

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Wed, 03 Aug 2011 14:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148067/adx-energy-moves-closer-to-spudding-sidi-dhaher-well-in-tunisia-18345.html
<![CDATA[News - ADX Energy gets green light for Sidi Dhaher well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148066/adx-energy-gets-green-light-for-sidi-dhaher-well-in-tunisia-17283.html ADX Energy (ASX: ADX) has received the "green light" from Tunisian Authorities for the Sidi Dhaher exploration well with rig mobilisation to commence on the 20th of June.

As operator, ADX has a 40% interest in Sidi Dhaher which is located in the 2,428 square kilometre large Chorbane Exploration Permit onshore central Tunisia, near the port city of Sfax.

It is surrounded by several producing oil fields and extensive oil and gas infrastructure.

Tunisian Authorities have agreed to a schedule of supervision designed to ensure safe rig mobilization and efficient drilling operations for the Sidi Dhaher exploration well.

Once mobilization is completed, rig up and equipment testing will start immediately in order to enable drilling operations to commence as soon as possible.

ADX expects that drilling could start early July.

 

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Tue, 21 Jun 2011 12:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148066/adx-energy-gets-green-light-for-sidi-dhaher-well-in-tunisia-17283.html
<![CDATA[News - ADX Energy and Caspian Oil & Gas in Romanian exploration agreement with NAMR ]]> https://www.proactiveinvestors.com.au/companies/news/148065/adx-energy-and-caspian-oil-gas-in-romanian-exploration-agreement-with-namr-13522.html Explorers ADX Energy (ASX: ADX) and Caspian Oil & Gas (ASX: CIG) have signed an exploration block concession agreement in Romania with Agentia Nationala Pentru Resurse Minerale (NAMR).

ADX Energy (60% and operator), Caspian (20%) and Sibinga Petroleum (20%) were involved in the tenth bidding round in 2010 for blocks in the Romanian Pannonian Basin.

ADX Energy said the PARTA block has an area of 1221 square kilometres and is located in the southern Pannonian basin area, which has seven oil and gas fields, but is still considered underexplored.

The company has identified 12 leads and prospects which are estimated to contain a total of 47 million barrels of oil and 480 billion cubic feet of gas (recoverable mean prospective resource potential).

Once the Romanian Government has ratified the concession agreement which is anticipated in May 2011, seismic operations will commence.

 

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Mon, 31 Jan 2011 13:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148065/adx-energy-and-caspian-oil-gas-in-romanian-exploration-agreement-with-namr-13522.html
<![CDATA[News - Tunisia govt extends Gulfsands’ and ADX Energy’s Kerkouane offshore exploration licence ]]> https://www.proactiveinvestors.com.au/companies/news/148064/tunisia-govt-extends-gulfsands-and-adx-energys-kerkouane-offshore-exploration-licence-13195.html Gulfsands Petroleum plc (LON:GPX) said the government of Tunisia has approved the renewal of the Kerkouane offshore exploration licence and has granted three more years for exploration and appraisal activities, until 22 February 2014.  At that point, the exploration licence can then be renewed for another three years.

In a statement, Gulfsands relayed comments made by ADX Energy (ASX:ADX), operator of Kerkouane and of the Chorbane onshore licence in the country, as well as of the Pantelleria  exploration permit in southern Italy - which lies adjacent to Kerkouane.

Included within the terms of the three year renewal is a well test of the Lambouka discovery, envisaging drilling a well to a minimum depth of 2,500 meters, or drill a well to the Jurassic aged reservoir level in case such a target is a viable economic prospect and can be identified on the newly acquired dual sensor 3D seismic data.

The partners are also relinquishing 772 square kilometres of the original licence area, following which the Kerkouane licence comprises 3,080 square kilometres.

The current licence contains a number of appraisal and exploration targets such as the Dougga gas condensate discovery, the Lambouka discovery  and the Dougga NW Lead – all three covered by 3D seismic.

It also contains newly identified structural/stratigraphic leads within the Pliocene section, partly covered by 3D seismic, and structural leads, typical of a fold and thrust belt, within the northern part of the licence and covered by 2D seismic.

The Kerkouane Joint Venture includes ADX Energy Ltd as operator with a 60 percent stake , Gulfsands with 30 percent and XState Resources Ltd with 10 percent.

Gulfsands reported earlier today that spudding the Sidi Dhaher exploration well in Tunisia is likely to be delayed by merely a few weeks, following the recent violent protests in the North African country.

Work was initially expected to start early in February, but ADX Energy (ASX:ADX)  - operator of the  Chorbane onshore licence - expects there will be some delay primarily due to third  party contractors taking additional security precautions and potential delays in customs handling of equipment.

Assuming the recent improvement of the overall security situation continues in Tunisia, ADX anticipates that most contractor services will be fully available in February allowing a potential spud date in late February, Gulfsands said.

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Wed, 19 Jan 2011 02:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148064/tunisia-govt-extends-gulfsands-and-adx-energys-kerkouane-offshore-exploration-licence-13195.html
<![CDATA[News - Gulfsands Petroleum expects short delay in spudding Sidi Dhaher well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148063/gulfsands-petroleum-expects-short-delay-in-spudding-sidi-dhaher-well-in-tunisia-13182.html Gulfsands Petroleum plc (LON:GPX) reported that spudding the Sidi Dhaher exploration well in Tunisia is likely to be delayed by merely a few weeks, following the recent violent protests in the North African country.

Work was initially expected to start early in February, but ADX Energy (ASX:ADX)  - operator of the  Chorbane onshore licence - expects there will be some delay primarily due to third  party contractors taking additional security precautions and potential delays in customs handling of equipment.

Assuming the recent improvement of the overall security situation continues in Tunisia, ADX anticipates that most contractor services will be fully available in February allowing a potential spud date in late February, Gulfsands said.

Protests started last month over unemployment, high food prices, corruption, freedom of speech and poor living conditions and culminated in President Zine El Abidine Ben Ali stepping down and fleeing Tunisia last week after 23 years in power.

The operator is continuing with road works and site preparations at the Sidi Dhaher well site and the ADX office in Tunis is fully functioning and all services such as communications, public transport and airport services are available without any disturbance. 

Additional precautions are being taken during all operations and travel of ADX personnel in Tunisia.

ADX has also been liaising closely with Enterprise Tunisienne d'Activities Petrolieres (ETAP), the government agency responsible for the management of oil and gas activities in Tunisia whose offices have reopened as of yesterday. ETAP is supportive and encouraged by the continuation of well site preparations, which are already at an advanced stage.

The well will drill to a target depth of 2,150 metres, which is likely to take 45 days.

Gulfsands will pay 80 percent of the first US$5 million in drilling costs for the Sidi Dhaher well and 40 percent of spend thereafter to earn a 40 percent working interest in the Chorbane Block. 

The total estimated spend on the well is expected to be US$6.9 million, or US$4.8 million net to Gulfsands.

The Sidi Dhaher prospect contains multiple potential reservoirs of Tertiary and Cretaceous age that will be evaluated with this well. 

ADX has estimated prospective resources of 175 billion cubic feet of gas in the Eocene aged Metlaoui Formation and 44 million barrels of oil in the Cretaceous aged Abiod Formation.

Additional resource potential exists in the Douleb and Bireno members of the Cretaceous aged Aleg Formation.
As well as Tunisia, Gulfsands has oil and gas assets in Syria, Iraq, Italy and the US.

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Tue, 18 Jan 2011 20:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148063/gulfsands-petroleum-expects-short-delay-in-spudding-sidi-dhaher-well-in-tunisia-13182.html
<![CDATA[News - ADX Energy secures rig for Sidi Dhaher oil and gas drilling in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148062/adx-energy-secures-rig-for-sidi-dhaher-oil-and-gas-drilling-in-tunisia-13002.html Drilling rig services have been secured for ADX Energy's (ASX: ADX) Sidi Dhaher well in the Chorbane Exploration Permit onshore Tunisia.

Through the signing of a Letter of Intent (LOI) with Challenger Limited, the RIG 37 onshore drilling unit will be provided  to conduct the work program.

ADX will spud the exploration well to test the Sidi Dhaher prospect during the first week of February, subject to receiving final approvals from the Tunisian Authorities.

To fund ADX’s share of drilling costs for the Sidi Dhaher well the company previously secured farm-outs with Gulfsands Petroleum plc (LON: GPX), Xstate Resources Ltd (PINK: XSTLF) and Verus Investments Ltd (ETR: VSL).

The Sidi Dhaher prospect is favourably located near the port city of Sfax and is surrounded by several producing oil fields and extensive oil and gas infrastructure.

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Wed, 12 Jan 2011 14:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148062/adx-energy-secures-rig-for-sidi-dhaher-oil-and-gas-drilling-in-tunisia-13002.html
<![CDATA[News - ADX Energy in trading halt pending capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/148061/adx-energy-in-trading-halt-pending-capital-raising-12386.html Perth-based ADX Energy (ASX: ADX) has requested a trading halt pending release of an announcement about a capital raising.

The halt will last until an announcement is made or commencement of trading on Friday 10th December 2010.

Yesterday, ADX Energy had the rig tender evaluation for the drilling of the Sidi Daher 1 well on the Chorbane permit approved by ETAP (Enterprise Tunisienne D’Activites Petrolieres), giving ADX the choice of four compliant and technically capable onshore rigs.


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Wed, 08 Dec 2010 10:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148061/adx-energy-in-trading-halt-pending-capital-raising-12386.html
<![CDATA[News - ADX Energy receives drilling rigs approval for Sidi Daher 1 well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148060/adx-energy-receives-drilling-rigs-approval-for-sidi-daher-1-well-in-tunisia--12358.html ADX Energy (ASX: ADX) has had the rig tender evaluation for the drilling of the Sidi Daher 1 well on the Chorbane permit approved by ETAP (Enterprise Tunisienne D’Activites Petrolieres), giving ADX the choice of four compliant and technically capable onshore rigs.

The company will make the final decision on the preferred drilling rig within the next few days based on commercial criteria and earliest possible spud date for Sidi Daher, which ADX anticipates in January 2011.

Participant interests in the Sidi Daher  1 well are ADX 40%, Gulfsands Petroleum plc 40% (LON: GPX), XState Resources Ltd 10% (ASX: XST), and Verus Investments Limited 10% (ASX: VIL).

The ADX operated Chorbane Exploration Permit is located mainly onshore central Tunisia. The permit is relatively underexplored containing prospects and leads with multiple objectives and both oil and gas potential.

Chorbane is favorably located with regard to infrastructure for both oil & gas export due to its proximity to a number of producing fields, oil & gas pipelines and the port of Sfax.

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Tue, 07 Dec 2010 12:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148060/adx-energy-receives-drilling-rigs-approval-for-sidi-daher-1-well-in-tunisia--12358.html
<![CDATA[News - ADX Energy has significant resource upgrade at Dougga Gas in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/148059/adx-energy-has-significant-resource-upgrade-at-dougga-gas-in-tunisia-11413.html ADX Energy (ASX: ADX) has had a significant resource boost to an inferred mean recoverable contingent resource of 234 bcf sales gas, and 50 million barrels of oil equivalent of condensate and LPGs, from the Dougga Gas Condensate discovery located offshore in Tunisia.

There was an increase of in-place gas and condensate volume estimates across all confidence categories, with; 42% for P(90), 26% for P(50) and 11% for the P(10) estimate.

The resource upgrade is an important step for ADX in the ongoing technical and commercial growth of Dougga, with the company's objective to establish the technical and commercial feasibility after incorporating the results of an appraisal well planned for 2011.

Of importance, 3D seismic mapping indicates 300 meters of updip potential from the Dougga 1 discovery well, which is interpreted to have intersected a 200 plus metre column of gas and condensate.

The 3D seismic interpretation also indicates that Dougga is likely to contain a highly fractured Abiod reservoir.

ADX is the operator with a 60% stake, with Gulfsands Petroleum plc 30% and XState Resources Ltd 10%.

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Thu, 04 Nov 2010 11:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148059/adx-energy-has-significant-resource-upgrade-at-dougga-gas-in-tunisia-11413.html
<![CDATA[News - ADX Energy identifies 309 BCF recoverable gas within Lambouka 1 well ]]> https://www.proactiveinvestors.com.au/companies/news/148058/adx-energy-identifies-309-bcf-recoverable-gas-within-lambouka-1-well-10249.html Western Australia based ADX Energy (ASX: ADX) initial evaluations of the Lambouka-1 well in Tunisia has identified a mean recoverable gas resource estimated to be 309 BCF, with the potential for significant associated condensate volumes.

The resource evaluation has been based on a set of LWD and wire line log data, gas chromatography data and an updated 3D seismic interpretation incorporating geological data.

ADX said by using a similar gas condensate ratio to Dougga (a nearby field) for Lambouka, would result in condensate resources of 24 million barrels of oil reserves based on the mean resource estimate.

To move the resources into a reserves category, a successful well test recovering reservoir hydrocarbons to the surface is required, together with a commercially viable development plan.

ADX plans to re-enter Lambouka-1, then sidetrack and test the Abiod and Allam formations with a specifically designed Abiod reservoir flow test, which the company plans to accomplished in conjunction with a Dougga field appraisal well.

ADX is the well operator and has a 30% stake, with Gulfsands Petroleum 30%, Carnavale Resources 20%, XState Resources and 10% PharmAust Limited 10%.

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Thu, 23 Sep 2010 12:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148058/adx-energy-identifies-309-bcf-recoverable-gas-within-lambouka-1-well-10249.html
<![CDATA[News - ADX Energy to divest mineral assets into Riedel Resources IPO ]]> https://www.proactiveinvestors.com.au/companies/news/148057/adx-energy-to-divest-mineral-assets-into-riedel-resources-ipo-9996.html Perth based oil and gas explorer ADX Energy (ASX: ADX) has decided to divest its gold, copper and nickel projects into a newly incorporated company, Riedel Resources Limited to be listed on the Australian Stock Exchange via an Initial Public Offering.

Riedel intends to raise a minimum of $5 million of new equity capital through its IPO in two parts, a Priority Offer to existing ADX shareholders and a Public Offer.

Riedel will acquire all of the mineral assets of the Company by way of a share sale agreement, conditional upon successful application of Riedel for admission to the official list of the Australian Securities Exchange.

The divestment will enable ADX to focus on the energy sector, while providing capital to finance the exploration and development of its highly promising gold and base metals tenements.

The mineral assets portfolio consists of gold, copper and nickel prospects in Western Australia including:

- Millrose Gold Project in the Yandal Greenstone Belt, with an Inferred Resource of 4Mt @ 2.4g/t Au for 309,000 oz of goldm with significant upside potential to further increase the resource
- Marymia Copper‐Gold Project in the Peak Hill district which is located about 50km to the northeast of the recently discovered DeGrussa copper‐gold discovery by Sandfire Resources Limited (ASX: SFR).  The ground covers an entire basement high/greenstone belt and extensions to the Jenkin Fault, both of which are considered key elements in exploration targeting for DeGrussa‐type copper‐gold deposits.

ADX has appointed Paterson Securities to act as Lead Manager to the IPO of Riedel Resources Limited.

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Tue, 14 Sep 2010 08:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148057/adx-energy-to-divest-mineral-assets-into-riedel-resources-ipo-9996.html
<![CDATA[News - ADX Energy to re-assess potential of Lambouka-1 JV well ]]> https://www.proactiveinvestors.com.au/companies/news/148056/adx-energy-to-re-assess-potential-of-lambouka-1-jv-well-9839.html Perth-based oil & gas explorer ADX Energy (ASX: ADX) has reported that hydrocarbon bearing zones have been discovered in the Lambouka–1 well, located in the ADX operated Kerkouane permit, offshore Tunisia. However, the company is currently considering whether to suspend or plug and abandon the Lambouka-1 well.

Drilling and wire line logging operations on the well, in which ADX has a 30 per cent stake, have now been concluded, having reached a total measured depth of 2,786 meters.

The suspension of trading in the securities of the company has been lifted on today's announcement.

In a statement the company said analysis of the final suite of wire line logs has supported earlier results from logging while drilling, and at least two hydrocarbon bearing zones are present in the Abiod Formation – the primary objective for the Lambouka – 1 well.

The nature of the hydrocarbons is likely to be comprised of gas and possibly condensate in the lower interval based on the hydrocarbon shows recorded from the cuttings while drilling and gas chromatography.

The company said that due to technical reasons the gas shows were not as strong as encountered in the same Abiod interval in the nearby Dougga-1 discovery, however no carbon dioxide (CO2) was detected while drilling the Abiod Formation unlike in the Dougga-1 discovery.

A net pay of approximately 23 metres is interpreted within the two reservoir units. This compares favourably to the nearby Dougga discovery which is interpreted to have a net pay of 14 meters in the Abiod and an assessed mean resource of 74 MMBOE (million barrels of oil equivalent).

Interpretation of 3D seismic suggests there is up dip potential from the crest of the structure to the Lambouka-1 well location of approximately 250 meters.

In addition, based on wire line interpretation, the first interpreted water bearing reservoir was encountered approximately 230 metres below the upper hydrocarbon zone.

Specialist wire line logs and drilling data indicate that the Abiod limestone formations at Lambouka–1 are extensively fractured which is a positive factor for reservoir productivity.

As a result of ongoing drilling fluid losses and increasing well bore deterioration it has not been possible to safely recover fluid samples or pressure data from the Abiod formation.

The company said ongoing operations in the existing well bore have become increasingly difficult and the productivity of the reservoir from this well bore is very likely to have been adversely effected by losses and use of lost circulation materials there by diminishing the ability to obtain representative flow rates from any drill stem test.

The joint venture is currently considering whether to suspend or plug and abandon the Lambouka-1 well, with a decision on this matter likely to depend on an assessment of whether suspension and future re-entry of this well would provide the best opportunity to minimise rig time and maximise reservoir information to be acquired from a drill stem test of the Abiod Formation.

The Lambouka structure has further up dip potential from the Lambouka–1 location and is therefore possible that a future bore hole trajectory for the lower section of the well could also test the up dip potential of the structure together with the porous sandstones encountered in the lower part of the well that are interpreted to be in closure at an up dip location.

ADX said the results described  are preliminary in nature and it will continue to interpret the data obtained from the Lambouka-1 well in conjunction with seismic data and provide further assessments of the potential of the Lambouka discovery.

Participants in the Lambouka-1 well are ADX 30% Operator, Gulfsands Petroleum plc (LON: GPX) 30%, Carnavale Resources Ltd (ASX: CAV) 20%, XState Resources Ltd (PINK: XSTLF) 10% and PharmAust Limited (ASX:PAA) 10%.

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Tue, 07 Sep 2010 12:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148056/adx-energy-to-re-assess-potential-of-lambouka-1-jv-well-9839.html
<![CDATA[News - ADX Energy granted trading halt for Lambouka-1 well announcement ]]> https://www.proactiveinvestors.com.au/companies/news/148055/adx-energy-granted-trading-halt-for-lambouka-1-well-announcement-9788.html Perth-based oil & gas explorer, ADX Energy (ASX: ADX) has been granted a trading halt for its shares until 7th September, pending an announcement of further drilling results from the Lambouka-1 well.

ADX has a 30 per cent stake in the well, the Lambouka prospect is located in the ADX operated Kerkouane permit offshore Tunisia. The Lambouka–1 drilling location is approximately 160km North East of Tunis in the Sicily channel. Lambouka is a large 70 square kilometre area tilted horst block which contains three potentially hydrocarbon bearing reservoirs.

The nearest offset well is the Dougga– 1 gas condensate discovery in the Kerkouane permit located approximately 22 km SSW of Lambouka‐1.

In the 27th August “Lambouka ‐1 Interim Update” ADX reported “losses of circulation fluids, an increase in background gas shows and an anomalously high resistivity on the Measurement While Drilling (MWD) electric logs” were encountered in the wells primary target, the Abiod Formation.

Further drilling through the Abiod reservoir section revealed the presence of pinpoint dull yellow fluorescence and oil stains in the (water based) drilling mud showing bright yellow fluorescence. The company said while the result was encouraging it cannot without further evaluation be interpreted as proof of the presence of producable hydrocarbons.

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Mon, 06 Sep 2010 07:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148055/adx-energy-granted-trading-halt-for-lambouka-1-well-announcement-9788.html
<![CDATA[News - Gulfsands Petroleum and ADX move on to primary target in Lambouka-1 ]]> https://www.proactiveinvestors.com.au/companies/news/148054/gulfsands-petroleum-and-adx-move-on-to-primary-target-in-lambouka-1-9486.html As it is drilling down to Lambouka-1’s primary target, Gulfsands Petroleum’s (LON: GPX) joint venture partner ADX Energy Ltd (ASX:ADX) has intersected the complete Ain Grab section. In this secondary target, ADX encountered porous reservoir sandstone, as expected, which was determined to be water-bearing following the interpretation of drilling logs.

ADX Energy operates the Kerkouane Exploration Licence offshore Tunisia, which hosts the Lambouka prospect, and the adjacent Pantelleria exploration permit in Southern Italy. Gulfsands is earning into a 30% participating interest in both Kerkouane and Pantelleria.

Earlier this week, ADX reported that the Tertiary aged Birsa Sand - the first reservoir target for the Lambouka prospect - was also water bearing.

Drilling beyond the Birsa and Ain Grab targets, at respective depths of 1,780m and 2,216m, ADX will now move on to Lambouka-1’s primary target, the Abiod carbonate formation.

Whilst investors in Australia saw ADX fall by around 16% on the Australian Securities Exchange, in London investors seem to have their eyes set firmly on the primary Aboid carbonate target. Despite this second watery target in one week, Gulfsands share only fell marginally this morning, down just 1.2% in late morning deals.

Earlier this week, following the disappointment of the Birsa result, London-based stockbroker Arbuthnot Securities remained upbeat on the company’s prospects. According to Arbuthnot, Gulfsands still has “considerable upside from the current share price”, even if the Lambouka-1 exploration well, offshore Tunisia, comes up dry.

Gulfsands also expects to participate in the drilling of another exploration well in Tunisia, before the end of 2010, on the onshore Chorbane permit where it is earning into a 40% interest.

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Thu, 19 Aug 2010 16:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148054/gulfsands-petroleum-and-adx-move-on-to-primary-target-in-lambouka-1-9486.html
<![CDATA[News - Gulfsands Petroleum partner ADX Energy reports on Lambouka-1 progress ]]> https://www.proactiveinvestors.com.au/companies/news/148053/gulfsands-petroleum-partner-adx-energy-reports-on-lambouka-1-progress-9251.html Oil and gas company with assets in Iraq, Syria and Gulf of Mexico, Gulfsands Petroleum (LON:GPX) relayed a new announcement from ADX Energy (ASX:ADX), regarding progress at the Lambouka-1 well, where drilling has  successfully reached a total depth of 1,476 meters.

ADX Energy operates the Kerkouane Exploration Licence offshore Tunisia, which hosts the Lambouka prospect, and the adjacent Pantelleria exploration permit in Southern Italy.

The 16 inch hole section was successfully drilled to 1,476 meters measured depth.  This section of the well was deepened from the originally planned 1,341m in order to set casing in a competent shale formation thereby ensuring the integrity of the cement job on the 13 3/8 inch casing.

Drilling activities in the week ahead will include setting and cementing the 13 3/8" casing and then drilling the 12 ¼ inch hole to the predicted base of the Birsa Sandstone formation.

The Lambouka prospect is a large 70 square kilometre area which is predicted to contain three potentially hydrocarbon bearing reservoirs, the first and shallowest reservoir being the Birsa Sandstone. The intention is to fully evaluate the three potential hydrocarbon formation objectives for the well, all of which are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet.

Back in May, ADX Energy - when it was still called AuDAX Resources - entered into a farm out agreement with Gulfsands Petroleum over the two licenses, also known as the Sicily Channel Exploration Permits. This deal concluded the formal documentation required by AuDAX for the funding of the Lambouka -1 exploration well.

Gulfsands is acquiring a 30% participating interest in the Kerkouane licence and Pantelleria permit. The company also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest.

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Tue, 10 Aug 2010 19:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148053/gulfsands-petroleum-partner-adx-energy-reports-on-lambouka-1-progress-9251.html
<![CDATA[News - Gulfsands says ADX Energy resumes drilling at Lambouka oil and gas prospect ]]> https://www.proactiveinvestors.com.au/companies/news/148052/gulfsands-says-adx-energy-resumes-drilling-at-lambouka-oil-and-gas-prospect-9102.html Oil and gas company with assets in Iraq, Syria and Gulf of Mexico, Gulfsands Petroleum (LON:GPX) noted the announcement from ADX Energy  (ASX:ADX), which said that drilling operations on the Lambouka-1 well recommenced last week and will include the drilling of a 1,340 metre deep hole to the base  of the Birsa Sandstone formation.

ADX Energy operates the Kerkouane Exploration Licence offshore Tunisia, which hosts the Lambouka prospect, and the adjacent Pantelleria exploration permit in Southern Italy.

Drilling was delayed last week due to bad weather which prevented the installation of the blow out preventer on the well head located on the sea floor. The operations resumed after the BOP was installed.

The Lambouka prospect is a large 70 square kilometre area which is predicted to contain three potentially hydrocarbon bearing reservoirs, the first and shallowest reservoir being the Birsa Sandstone. The intention is to fully evaluate the three potential hydrocarbon formation objectives for the well, all of which are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet.

Back in May, ADX Energy - when it was still called AuDAX Resources - entered into a farm out agreement with Gulfsands Petroleum over the two licenses, also known as the Sicily Channel Exploration Permits. This deal concluded the formal documentation required by AuDAX for the funding of the Lambouka -1 exploration well.

Gulfsands is acquiring a 30% participating interest in the Kerkouane licence and Pantelleria permit. The company also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest.

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Tue, 03 Aug 2010 18:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148052/gulfsands-says-adx-energy-resumes-drilling-at-lambouka-oil-and-gas-prospect-9102.html
<![CDATA[News - Gulfsands Petroleum says ADX Energy mobilises rig to Kerkouane oil license ]]> https://www.proactiveinvestors.com.au/companies/news/148051/gulfsands-petroleum-says-adx-energy-mobilises-rig-to-kerkouane-oil-license-7962.html Gulfsands Petroleum (LON:GPX), the oil and gas company with assets in Iraq, Syria and the Gulf of Mexico, has said that ADX Energy (ASX:ADX), which operates two exploration projects in Tunisia and Italy has commenced the mobilisation of the Atwood "Southern Cross" semi submersible drilling rig to the Lambouka-1 well location on the Kerkouane Licence offshore Tunisia.

ADX operates Gulfsands’ potentially 30% owned Kerkouane exploration Licence and adjacent Pantelleria exploration permit in Southern Italy.

The rig is expected on location within 12 to 15 days, while the drilling of the well is now expected to commence in early July and not in June. The mobilisation of the rig and all towing and supply vessels followed the receipt of requisite approvals from the Tunisian Naval authority.

Gulfsands  also expects  to participate  in the  drilling of another exploration well  before the  end of  2010 in the  onshore Chorbane  permit, to earn a 40% participating interest.

Back in May, ADX - when it was still called AuDAX Resources - entered into a farm out agreement between with Gulfsands Petroleum over the two licenses, also known as the Sicily Channel Exploration Permits, this deal concluded the formal documentation required by AuDAX for the funding of the Lambouka -1 exploration well.

Gulfsands will be entitled to earn up to 30% interest in the Kerkouane Permit by paying varying but “promoted” proportions of the costs of the 3D seismic programme recently acquired and of the Lambouka exploration well on the Lambouka Prospect, located within an area that incorporates portions of the Kerkouane Permit and the Pantelleria Licence.

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Thu, 17 Jun 2010 18:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148051/gulfsands-petroleum-says-adx-energy-mobilises-rig-to-kerkouane-oil-license-7962.html
<![CDATA[News - ADX Energy submits four oil and gas exploration bids in Romania ]]> https://www.proactiveinvestors.com.au/companies/news/148050/adx-energy-submits-four-oil-and-gas-exploration-bids-in-romania-7900.html Australian-based ADX Energy (ASX: ADX), formerly known as AuDAX Resources, has reported that it successfully submitted bids on four blocks in the Pannonian basin (Voivozi, Tria, Biled & Parta) on May 19th 2010, at the 10th Romanian national bidding round.

The area of approximately 30,000 km2 relinquished by Petrom and Romgaz represents the largest exploration bidding round of its kind in Romania with the bid opening ceremony confirming ADX is a qualified bidder.

The company’s strategy is to "acquire highly prospective oil and gas exploration and development acreage within the European community."
 
The combination of extensive prospect generation work with comprehensive in-house regional knowledge enabled ADX to reliably identify and quantify the most prospective areas within the 12 Pannonian blocks (~12.000 sqkm).

ADX and its Area of Mutual Interest (AMI) partners (Caspian Oil & Gas (ASX: CIG) and Sibinga Petroleum) were able to submit a competitive and economically justifiable bid. ADX holds a 60% interest in the AMI and is the operator.

Wolfgang Zimmer, managing director, said ADX's Romanian activities achieved another important milestone having received certification as operator from National Agency for Minerals and Resources (NAMR) on May 25th 2010.

This qualifies ADX to operate any hydrocarbon exploration and production license in Romania in the future.

The NAMR will evaluate the submissions and shall announce the successful bidders on July 1st 2010.

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Wed, 16 Jun 2010 09:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148050/adx-energy-submits-four-oil-and-gas-exploration-bids-in-romania-7900.html
<![CDATA[News - Gulfsands Petroleum exercises Lambouka prospect farm-in option with AuDAX ]]> https://www.proactiveinvestors.com.au/companies/news/148049/gulfsands-petroleum-exercises-lambouka-prospect-farm-in-option-with-audax--7694.html Gulfsands Petroleum (AIM: GPX) has now exercised its option with Australian-based AuDAX (ASX: ADX) to increase its interest positions in the Kerkouane permit in Tunisia and the adjacent Pantelleria permit in Italy, from 20% to 30%. With the conclusion of the option Gulfsands, AuDAX and the project’s other three JV partners can move forward with the drilling of the Lambouka-1 exploration well.

The two licences, known as the Sicily Channel Exploration Permits, host the Lambouka Prospect which, according to AuDAX, has a prospective resource of 270 million barrels oil equivalent (MMBOE). The partners recently completed a 3D seismic survey to select several potential drilling locations.

With the transaction now complete, the joint venture partnership in respect of the ’Lambouka Prospect Area’ now consists of the project operator AuDAX with 30% interest, Gulfsands holding 30%, Carnavale Resources has 20% and both Bombora Energy and PharmAust each have a 10% stake.

Separately, in terms of the remainder of the permits, outside the Lambouka Prospect Area, AuDAX is the operator and majority stakeholder with a 60% interest, Gulfsands has 30% and Bombora Energy currently has 10%, with an option to acquire a further 10% from AuDAX.

"We were encouraged by our evaluation of the prospectivity of the Lambouka Prospect following receipt of the high quality 3D data acquired in the recent seismic survey and have therefore elected to increase our interest in this exciting project”, Gulfsands chief executive Ric Malcolm commented.

The Lambouka exploration well has an estimated gross cost of approximately US$20 million, and once spudded, drilling is expected to take approximately 30 days. The partners intend to use the ‘Atwood Southern Cross’ drilling rig, which is currently being prepared for its mobilisation to the well site with tow vessels currently on-route.

Additionally, the company noted that is expects the drilling to get underway in the second half of June, with the primary objectives being the Miocene aged Birsa Formation and the Cretaceous aged Abiod Formation.

Elsewhere in Tunisia, in relation to the Chorbane Permit, Gulfsands highlighted that it expects to formalise the separate farm-in with AuDAX, for the acquisition of a 40% in the onshore project. Once the partnership is formalised, the company expects to move forward and begin drilling on the Chorbane permit before the end of 2010.

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Mon, 07 Jun 2010 16:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148049/gulfsands-petroleum-exercises-lambouka-prospect-farm-in-option-with-audax--7694.html
<![CDATA[News - AuDAX Resources signs Sicily Channel permit farmin with Gulfsands Petroleum ]]> https://www.proactiveinvestors.com.au/companies/news/148048/audax-resources-signs-sicily-channel-permit-farmin-with-gulfsands-petroleum-7256.html AuDAX Resources (ASX: ADX) has entered into a farm out agreement between Alpine Oil & Gas Pty Ltd (AOG), a wholly-owned subsidiary of AuDAX, and Gulfsands Petroleum plc in relation to AuDAX’s Kerkouane licence and the adjacent exploration permit in Southern Italy (G.R15.PU, known as the Pantelleria Licence).

These two licences are otherwise known as the Sicily Channel Exploration Permits (the ‘Farmin Agreement’). This Farmin Agreement concludes the formal farmin documentation required by AuDAX for the funding of the Lambouka -1 exploration well.

Gulfsands is listed on the Alternate Investment Market of the London Stock Exchange and has oil and gas production, exploration and development activities in Syria, Iraq and the USA.

The Kerkouane Permit is located offshore northeast Tunisia together with G.R15.PU which is located in adjacent Italian waters.

Gulfsands will be entitled to earn up to 30% interest in the Kerkouane Permit by paying varying but “promoted” proportions of the costs of the 3D seismic programme recently acquired and of the Lambouka exploration well on the Lambouka Prospect, located within an area that incorporates portions of the Kerkouane Permit and the Pantelleria Licence.

The Lambouka -1 exploration well is due to commence drilling in mid June, 2010. The Farmin Agreement provides for Gulfsands to earn an initial 20% interest in the Kerkouane Permit, with Gulfsands having an option to earn a further 10% interest.

The Farmin Agreement also provides an election, exercisable at no further cost, to either AuDAX or Gulfsands, for Gulfsands to acquire an interest in the Pantelleria Licence equivalent to the interest earned by Gulfsands in the Kerkouane Permit.

Following completion of all farmin obligations, the respective interests in the “Lambouka Prospect” being the limited area defined to be over the Lambouka prospect within both the Kerkouane Permit and the Pantelleria Licence, will be as follows:

AOG 40% (operator)
Gulfsands 20% (with an option to acquire a further 10% from AOG)
Bombora 10%
Carnavale (ASX: CAV) 20%
PharmAust (ASX: PAA) 10%

Following completion of Gulfsands’ and Bombora’s farmin obligations and exercise of elections with respect to the Pantelleria Licence, the respective interests in the remainder of the Kerkouane Permit (outside of the Lambouka Prospect), the Kerkouane production sharing contract and the Pantelleria Licence will be as follows:

AOG 70% (operator)
Gulfsands 20% (with an option to acquire a further 10% from AOG)
Bombora 10% (with an option to acquire a further 10% from AOG)

Wolfgang Zimmer, AuDax's managing director, said the acquisition and processing of the 3D seismic over the Lambouka Prospect was completed ahead of schedule and the interpretation has identified a drilling location within the originally mapped area of the Lambouka Prospect and located in Tunisian waters.

The final well location is subject to a geotechnical site survey (currently underway) and government approval.

AOG has entered into a drilling contract with a subsidiary of Atwood Oceanics Inc to provide the “Atwood Southern Cross” semi-submersible offshore drilling unit to drill the “Lambouka” exploration well on the Lambouka Prospect with an expected spud date of mid June 2010.

AuDAX is completing farmin documentation with Gulfsands (as announced on the 22nd of March 2010) to finalise the funding of an exploration well on its Chorbane block, onshore Tunisia, with the aim of drilling an exploration well within 2010.

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Tue, 18 May 2010 06:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148048/audax-resources-signs-sicily-channel-permit-farmin-with-gulfsands-petroleum-7256.html
<![CDATA[News - AuDAX Resources confirms well location at Lambouka prospect ]]> https://www.proactiveinvestors.com.au/companies/news/148047/audax-resources-confirms-well-location-at-lambouka-prospect-7123.html AuDAX Resources (ASX: ADX) has reported that the interpretation of the Sicily Channel 3D seismic fast track cube over the Lambouka prospect in Tunisia has been completed ahead of schedule.

The objective of the fast track 3D cube was to optimize the drilling location for the upcoming Lambouka-1 well.

The acquisition of the 3D seismic fast track cube over the Lambouka prospect was completed on the 1st of April 2010 and processing of the data was completed on the 2nd of May 2010.

Data has confirmed a drilling location within the originally envisaged area in Tunisian waters based on the previous 2D seismic data set.

In addition to confirming an optimal drilling location the data set has confirmed the structural validity of the Lambouka prospect as well as further resource upside potential.

The company said excellent seismic reflectivity is present at various hydrocarbon target levels not seen previously on the 2D data which is interpreted by AuDAX as evidence of the presence of good reservoir.

In addition to Lambouka another large sized prospect north of the Dougga field has been identified on seismic.

AuDAX expects that the fully processed Geostreamer 3D data (approx. 640 km2) will identify further drillable prospects and contribute to enhancement of their prospectivity.

The expected spud date for the Lambouka-1 exploration well is during the week commencing the 14th of June 2010.

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Wed, 12 May 2010 13:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148047/audax-resources-confirms-well-location-at-lambouka-prospect-7123.html
<![CDATA[News - AuDAX Resources to commence 3D seismic Gas field survey off Tunisian coast ]]> https://www.proactiveinvestors.com.au/companies/news/148046/audax-resources-to-commence-3d-seismic-gas-field-survey-off-tunisian-coast-5849.html AuDAX Resources (ASX: ADX) announced that the 3D seismic acquisition of approximately 640 km2 in the Sicily channel, off the coast of Tunisia, is expected to commence Tuesday 23 March. The survey will be conducted aboard the vessel known as the Atlantic Explorer and will utilise Petroleum Geo-Services’ leading edge proprietary Geostreamer Technology.

The company said the survey will cover a number of prospects including the Lambouka Prospect, previously named the Sambuca prospect, and the Dougga gas condensate field. The Lambouka Prospect is scheduled for drilling in Q2 to Q3 2010.

The Atlantic Explorer is expected in the central Tunisian port of Sfax on early Monday morning. After a crew change and start up meeting with the AuDAX QC representatives
on board the Atlantic Explorer, the vessel will leave port late Monday evening.

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Mon, 22 Mar 2010 11:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148046/audax-resources-to-commence-3d-seismic-gas-field-survey-off-tunisian-coast-5849.html
<![CDATA[News - AuDAX Resources gets approval for Kerkouane work program ]]> https://www.proactiveinvestors.com.au/companies/news/148045/audax-resources-gets-approval-for-kerkouane-work-program-5257.html Perth-based explorer AuDAX Resources (ASX:ADX) has announced that the Tunisian Authorities have approved the work program to drill one exploration well to 3000m in the Kerkouane permit offshore Tunisia.

Atwood Oceanics Inc has been selected to provide Drilling Rig Services for the deep water Sambuca prospect. Atwood will be providing the ATWOOD SOUTHERN CROSS semisubmersible offshore drilling unit to conduct the work programme.

Spud date is expected to be the 15th of June 2010.

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Fri, 26 Feb 2010 10:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148045/audax-resources-gets-approval-for-kerkouane-work-program-5257.html
<![CDATA[News - Audax Resources successfully completes capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/148044/audax-resources-successfully-completes-capital-raising-2975.html WA-based exploration company AuDAX Resources (ASX: ADX) has wrapped up a placement of shares to raise.

The 28,571,428 shares were issued at a price of 10.5 cents per share to raise the funds from sophisticated investors, including RAB Energy Fund (London) and clients of London based Truestone Capital.

Funds raised from this issue will be utilised for the company’s working capital.

Shares in AuDAX last traded about 12.5c on the Australian Stock Exchange.

The company is an oil, gas, gold and base metal exploration company with operated and non operated assets in Australia, Italy and Tunisia.

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Thu, 22 Oct 2009 11:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/148044/audax-resources-successfully-completes-capital-raising-2975.html
<![CDATA[News - AuDax Resources moving ahead on Sambuca oil prospect, offshore Sicily ]]> https://www.proactiveinvestors.com.au/companies/news/148043/audax-resources-moving-ahead-on-sambuca-oil-prospect-offshore-sicily-2324.html AuDAX Resources Ltd (ASX: ADX) has reported that the proposed bidders list for casing and subsea well heads required to drill the Sambuca well has been approved by Enterprise Tunisienne D’Activites Petrolieres (ETAP). The Invitation to Tender for the provision of conductor, surface casing, intermediate and production casing and subsea well heads will be sent to the potential bidders shortly.

The Sambuca prospect is located in two contiguous Exploration Permits, in G.R15.PU, offshore the island of Pantelleria southwest of Sicily in Italian waters and in the Kerkouane Permit offshore northeast Tunisia, respectively.

Exploration work within the Pantelleria and Kerkouane Permits has identified a number of prospects and leads.

The Sambuca prospect appears to be one of the largest undrilled structures in the Mediterranean Sea with a total P50 unrisked recoverable resource potential of 270 million barrels of oil equivalent.

AuDax estimates total P50 unrisked recoverable resource of the mapped prospects in both permits could exceed one billion barrels of oil equivalent.

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Thu, 20 Aug 2009 14:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/148043/audax-resources-moving-ahead-on-sambuca-oil-prospect-offshore-sicily-2324.html