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ADX Energy awarded offshore oil permit near Italy

ADX Energy awarded offshore oil permit near Italy

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.


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