Perth, Australia, Jan 3, 2013 - (ABN Newswire) - ADX Energy Ltd (ASX:ADX.AX - News) is pleased to announce that its wholly-owned subsidiary, Alpine Oil & Gas Pty Ltd. ("Alpine"), has entered into a definitive farmin agreement (the "Farmin Agreement") with Rift Basin International Corp. (VAN:RIF.V - News)("Rift Basin International").
Pursuant to the terms of the Farmin Agreement Rift Basin International can earn an undivided 15% working interest in the Chorbane exploration permit (the "Permit"). The Permit is located onshore Tunisia in the Pelagian Shelf (Sahel Plains) of the Pelagian Basin near the port City of Sfax and contains oil & gas infrastructure. It occupies an area of 1,940 km2 and is governed by a production sharing contract ("PSC") with L ntreprise Tunisienne d c vite s Pe trolières ("ETAP").
In accordance with the terms of the Farmin Agreement, Rift Basin International will earn an undivided 15% working interest in the Permit (the "Acquisition") upon paying the following past cost contributions to Alpine:
(a) US$ 200,000 on or within 10 days after the receipt by Alpine of approval from ETAP for the Acquisition;
(b) A further US$ 700,000 upon the earlier of January 31, 2013 and applicable government approval for the Acquisition; and
(c) a further US$ 300,000 within 10 days of a request by Alpine to Rift Basin International in accordance with the work program and budget issued under the Joint Operating Agreement for the Permit that relates to such seismic acquisition.
Rift Basin International is listed on the TSX Venture Exchange under the symbol "RIF". Additional information about Rift Basin is available under Rift Basin s SEDAR profile at www.sedar.com.
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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