Perth, Australia, Nov 26, 2012 - (ABN Newswire) - ADX Energy Limited (ASX:ADX.AX - News) is pleased to announce that the Company has reached an agreement to farm out a 10% participating interest in its Chorbane exploration permit onshore Tunisia ("Chorbane") to Gulfsands Petroleum plc ("Gulfsands").
Under the terms of the farm out ADX will receive a cash payment of US$100,000 and funding of up to US$600,000 for ADX's share of a planned US$2 million seismic programme to be carried out on the Chorbane permit.
Following completion of the farm out which is subject to various regulatory approvals that are expected to be received in the coming months, Gulfsands will become Operator of the Chorbane joint venture.
At the conclusion of this farm out ADX will retain 30% in the Chorbane permit.
This transaction is in line with ADX go forward strategy to focus its activities and its resources onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.
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: firstname.lastname@example.org WWW: www.adxenergy.com.au
ADX Energy Limited
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