Perth, Australia, Feb 10, 2011 (ABN Newswire via COMTEX) --
ADX Energy Ltd (ASX:ADX) is pleased to report that preparations for the commencement of drilling operations on the Company's operated well are progressing according to plan. Site preparations have been completed and all key service and supply contracts are in place.
Pre testing of rig components before assuming contractual responsibility has commenced and some repairs are being undertaken prior to mobilisation. The company continues to monitor the security situation and subject to final equipment readiness, expects to decide on rig mobilisation next week with a view to spudding the well during February as previously indicated.
As previously announced, ADX has already secured farm-outs with Gulfsands Petroleum Plc (LON:GPX) (PINK: GFPOF | PowerRating), Xstate Resources Ltd (ASX:XST) and Verus Investments Ltd (ASX:VIL) which are expected to fully fund ADX' share of drilling costs for the Sidi Dhaher well.
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. A summary of the Chorbane Permit and the Sidi Dhaher prospect is attached to this ASX release.
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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