Perth, Australia, Feb 13, 2013 - (ABN Newswire) - ADX Energy Ltd (ASX:ADX.AX - News) is pleased to report the commencement of a 190 km2 2D and 200 km2 3D seismic program in the ADX operated EX 10, Parta license ("Parta Permit") onshore Romania.
Subject to weather conditions the seismic program is expected to be completed during the second quarter of 2013. This would allow the first exploration well to be drilled as early as the fourth quarter of 2013.
The committed work program for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of two exploration wells before May 2015. ADX holds a 50% interest in the license and is the operator.
Parta Permit Background
The Parta Permit covers an area of 1,221 km2 and is located in the southern Pannonian basin area of western Romania. It also contains 7 excised oil and gas fields within its perimeter and is considered underexplored. Exploration activity ceased in the early eighties with most wells drilled in the sixties and seventies. No 3D seismic had been acquired for exploration purposes.
Geological and geophysical work by ADX to date has led to the identification of several conventional leads and prospects which are estimated to cumulatively contain a recoverable mean prospective resource potential of 47 mmbls of oil and 480 bcf of gas.
The main drilling targets are situated between 800 to 2000 meters depth, whereby the main gas potential is in the shallower section. The planned exploration activity of 2D and 3D seismic will allow the delineation of additional drillable prospects and the upgrade of already identified targets to drill ready status. The 3D seismic targets predominantly oil prospects identified on vintage 2D seismic close to producing oil fields. The 2D seismic will further delineate a mix of oil and gas prospects identified on vintage 2D seismic data.
Romania represents an important growth opportunity in line with ADX's ongoing strategy of focusing its resources on core areas which offer materiality, proven prospectivity, excellent fiscal terms and access to markets, including direct gas transmission into the European markets.
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
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