ADX Increases Stake in Kerkouane Permit

- ADX Increases Stake in Kerkouane Permit

Friday, September 09, 2011
ADX Energy

ADX Energy Ltd is pleased to announce a Sale and Purchase Agreement has been executed to buy back a further 10% interest in the Lambouka Prospect Area in the Kerkouane Permit from PharmAust Limited and to cancel the option of PAA to purchase an interest in that part of the Lambouka prospect that extends into Italian waters.

The key terms of the sale are as follows;

Upon payment of US$50,000 by PAA to ADX, ADX will issue to PAA 1,000,000 ADX shares

As part of the consideration ADX will also forgive outstanding past joint venture costs owed by PAA to ADX totalling $400,473.

The transaction is subject to Joint Venture pre emption.

ADX farmed out a 10% interest in the Lambouka Prospect Area to PAA in early 2010 to provide funding for the Lambouka #1 well. The Lambouka-1 well intersected a gas column interpreted based on comprehensive LWD (logging while drilling) and a wireline logging data set which was recovered during the drilling of the well. Unfortunately due to instability of the borehole while drilling and evaluating Lambouka, it was not possible to test the well.

Lambouka is located approximately 70 km North East of onshore Cap Bon in the Sicily channel. The Dougga gas condensate discovery is located approximately 22 km SSW of Lambouka.

Upon conclusion of this transaction ADX will hold a 60% interest in the Lambouka Prospect Area. ADX holds a 100% interest in the remaining Pantelleria License area, over which some Kerkouane participants have options, and the Kerkouane Permit area. ADX operates all licenses and has recently announced the award of the adjacent offshore exploration permit d 364 C.R-.AX in Italian waters acquired at 100% equity interest.

ADX is pleased to have the opportunity to further increase its interest in Lambouka on favourable terms. ADX believes Lambouka and the nearby Dougga discovery represent a material appraisal and development opportunity for ADX.

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ADX Spuds Sidi Dhaher Well in Tunisia

- ADX Spuds Sidi Dhaher Well in Tunisia

Monday, August 29, 2011
ADX Energy Ltd.

ADX announced that the Sidi Dhaher-1 well in the Chorbane license, onshore Tunisia, spudded at 07:00 am GMT, Saturday August 27, 2011.

The current operation is drilling the 16" hole. Sidi Dhaher-1 has a planned total depth of 2,168 meters and is expected to take about 33 days to drill. Additional time will be required in the event of formation testing.

The Sidi Dhaher prospect is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure. The Sidi Dhaher well is targeting an Eocene reservoir with estimated prospective resources of 175 billion cubic feet (5 billion m³) of recoverable gas and a Cretaceous reservoir with estimated prospective resources of 44 million barrels (5.9 million tons) of oil. Additional targets exist in the deeper Douleb and Bireno reservoirs that produce oil and gas in the Guebiba-El Hajeb field immediately east of the Chorbane permit

Participant interests in the Sidi Dhaher -1 well will be as follows:

• ADX Energy Ltd 40% (Operator)
• Gulfsands Petroleum Plc 40%
• XState Resources Ltd 10%
• Verus Investments Limited 10%

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ADX Wins Offshore Italty License

- ADX Wins Offshore Italty License

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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