Perth, Australia, July 31, 2015 - (ABN Newswire) - ADX Energy Limited (ASX:ADX) (OTCMKTS:ADXRF) announce the Quarterly Activities Report June 2015 with the following highlights.
- Parta Permit (EX-10), Onshore Romania: a 30 month extension of the exploration period for the EX-10 PARTA permit has been signed with NAMR.
- Italy: ADX continued in house evaluation of its d363 C.R-AX permit in Italian waters concentrating on the potential of discovered resources in the block.
Romania Parta Concession - Pannonian Basin
ADX is the Operator and holds a 50% Interest
A 30 month extension of the exploration period for the EX-10 PARTA permit has been signed with NAMR ("Agentia Nationala Pentru Resurse Minerale"), the national agency for mineral resources in Romania. The agreement is subject to the standard ratification by the Romanian government which is expected by September. The exploration period will begin on the day of ratification.
The evaluation of the permit and land access permitting for seismic acquisition has been progressed. As previously reported, ADX had applied for an extension of the current exploration period due to land permitting delays which were out of ADX control, in order to be able to complete its seismic and drilling programs.
The extension of the exploration period will also enable ADX to resume previously discontinued farmout discussions on the permit.
Offshore Tunisia & Italy - Kerkouane & Pantelleria Permits, d363 C.R-AX permit
Kerkouane 100% interest; Pantelleria 100% interest; d363-C.R-AX 100% interest
ADX attended a data room visit at ENI's offices in Milano, Italy to assess existing data, incorporate it into ADX's data base and evaluate the potential of its new d363 C.R-AX permit. The main focus in the first phase of the evaluation is the abandoned Nilde oil field and several surrounding oil discoveries which have never been commercialised. The excellent prospectivity of the area is supported also by the fact that commercialisation is possible even for modest discoveries. This is due to the moderate water depths of less than 100 meters, excellent reservoirs (i.e. 6,000 bbls/d production rates obtained from vertical oil wells at Nilde) and the appropriate fiscal regime in Italy.
New Ventures Activities
ADX's current new ventures focus is to expand its asset base in onshore Romania and offshore Italy, which offer excellent prospectivity, favourable fiscal terms, political stability and in the case of Romania high priced gas markets which provide an excellent hedge against lower oil prices.
To view the tenement list, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-728353.pdf
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:
ADX Energy Limited
T: +61-8-9381-4266
F: +61-8-9381-4766
E: admin@adxenergy.com.au
WWW: www.adxenergy.com.au
Source:
ADX Energy Limited
Copyright (C) 2015 ABN Newswire. All rights reserved.
© 2024 Canjex Publishing Ltd. All rights reserved.