Sydney, Australia, April 23, 2012 - (ABN Newswire) - ADX Energy Limited (ASX:ADX.AX - News) provides the following operational progress update on preparations for the well test of its Sidi Dhaher-1 oil discovery, Chorbane licence, onshore Tunisia.
Further to the announcement of 12 April 2012, we confirm that mobilisation of all key personnel is now complete, rig related equipment testing is still 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.
Consequently, ADX decided to commence mobilisation of the support camp to the Sidi Dhaher-1 well test site. Consistent with the process followed for the drilling of the Sidi Dhaher well, camp mobilisation is being undertaken cautiously to seek early indications of any issues with any members of the local community.
Unfortunately, access to the well site has been temporarily disrupted by the blocking of local roads by a number of local people who are demanding employment during the testing operations.
Consistent with normal operations in the oil industry, ADX 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.
ADX continues to receive the support of the local community and the local authorities are fully supporting ADX's efforts to find a satisfactory solution so that mobilisation of the camp and other equipment may be completed.
Further advice will be provided as material changes occur.
Participant interests in the Sidi Dhaher-1 well tests will be as follows;
ADX Energy Ltd 40% Operator
Gulfsands Petroleum Plc 40% (LSE:GPX.L - News)
XState Resources Ltd 10% (ASX:XST.AX - News)
Verus Investments Limited 10% (ASX:VIL.AX - News)
About ADX Energy Limited:
The company's 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: +61-8-9226-2822 F: +61-8-9226-5333 E: admin@adxenergy.com.au WWW: www.adxenergy.com.au
Source:
ADX Energy Limited
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