Perth, Australia, Nov 28, 2012 - (ABN Newswire) - ADX Energy Limited (ASX:ADX.AX - News) announces that its wholly-owned subsidiary Alpine Oil & Gas Pty Ltd. ("Alpine") has entered into a letter of intent ("LOI") with Rift Basin International Corp. ("Rift").Under the terms of the LOI it is proposed that Rift, through Rift Basin International, will farm-in for a 15% participating interest in the Chorbane exploration permit located in Tunisia (the "Proposed Transaction").
Rift has already made a good faith payment of US$100,000 to ADX. The Proposed Transaction is subject to a number of conditions, including but not limited to, applicable regulatory approval (including approval of the TSX Venture Exchange), due diligence and the execution of a definitive farmin agreement (the "Definitive Agreement"). The parties have agreed that the LOI will terminate on December 15, 2012 unless earlier superseded by the Definitive Agreement.
ADX will provide full details of this transaction when a Definitive Agreement has been executed and there is a high degree of confidence that a transaction will be completed. Rift's good faith payment will be non refundable.
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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