Perth, Australia, Sep 3, 2014 - (ABN Newswire) - Further to ADX Energy Ltd's (ASX:ADX) (OTCMKTS:ADXRF) announcement on 15 August 2014 reporting that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) had approved the transfer of all of AOG's (ADX's wholly owned subsidiary, Alpine Oil and Gas Pty Ltd) remaining interest in the Chorbane permit, onshore Tunisia, to Gulfsands (AIM:GPX), all conditions precedent to completion under the Settlement Agreement with Gulfsands Petroleum Plc announced on 23 December 2013 have been met.
Completion of the sale fell due on 26 August 2014.
Gulfsands has failed to fulfil its obligation to complete and pay the final consideration of 1.5 million US$. Furthermore Gulfsands has not communicated any legitimate justification for failing to meet its contractual obligations.
ADX maintains that it has complied with its obligations under the Settlement Agreement and as a result Gulfsands is required by the Settlement Agreement to proceed to completion and pay the final consideration.
The Board of ADX has resolved to take the necessary legal recourse required to recover these funds and has instructed its legal advisors to initiate recovery proceedings.
About ADX Energy Limited:
ADX Energy Limited's (ASX:ADX) (OTCMKTS:ADXRF) strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it's existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment.
ADX was incorporated in 1987 in order to explore for gold and base metals in Western Australia. The company has recently diversified from its initial minerals focus to include oil and gas exploration. To that effect ADX farmed in PEL 182 into the South Australian portion of the Cooper Basin in 2005.
ADX appointed Wolfgang Zimmer, an oil and gas industry professional with over 27 years experience, as Managing Director in late 2007 to grow the company’s oil and gas business. Subsequent director and staff appointments and the establishment of a European office have boosted the depth of oil and gas experience in the company and allowed the company to expand its oil and gas activities.
Currently ADX operates permits onshore and offshore Tunisia, offshore Italy and onshore Australia and holds an interest in a non operated block in onshore Romania.
ADX is also a participant and operator of a number of AMI's (Area/s of Mutual Interest) that enable it and its partners to efficiently act upon business opportunities.
Contact:
Wolfgang Zimmer
Managing Director
Ian Tchacos
Chairman
T: +61-8-9226-2822
W: www.adxenergy.com.au
Source:
ADX Energy Limited
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