Monday, July 18, 2011
ADX Energy Ltd.
ADX Energy Ltd is pleased to announce that the award process for the offshore exploration permit d 364 C.R-.AX in Italian waters has been completed. The adjacent permit d 363 C.R-.AX is under application by ADX.
The awarded permit is contiguous to ADX’s offshore Tunisian Kerkouane permit which contains the Dougga gas condensate discovery and the Lambouka gas discovery. ADX is the operator of the permit and holds a 100% interest.
Previous exploration work within the Pantelleria and Kerkouane permits has identified a number of prospects and leads as well as prospective hydrocarbon fairways which have previously remained undetected. Recently acquired geophysical data has confirmed this interpretation.
These highly prospective fairways trend into the offshore areas covered by the new permit. The permit has not seen modern seismic techniques but success in the area has attracted the recent interest of majors such as Shell and Repsol.
High prospectivity combined with the excellent fiscal terms in Italy represents ADX’s ongoing strategy of focusing its resources on core areas which offer proven prospectivity, materiality and potential for quick commercialization.
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