Perth, Australia, Nov 21, 2012 - (ABN Newswire) - ADX Energy Limited (ASX:ADX.AX - News) provided guidance today at its Annual General Meeting that it is in the process of completing two farmouts in relation to its Tunisian onshore Chorbane permit.
These transactions are expected to provide ADX with a material source of funding as well as the carry of the Company's retained interest through a seismic acquisition campaign planned for the coming year.
ADX expects to announce further details on the terms of these agreements and its new partners in the near future.
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.
ADX Energy Limited T: +61-8-9226-2822 F: +61-8-9226-5333 E: email@example.com WWW: www.adxenergy.com.au
ADX Energy Limited
Copyright (C) 2012 ABN Newswire. All rights reserved.