26 November 2012
ADX: Agreement of Chorbane Farmout
Onshore Tunisia to Gulfsands
ADX Energy Limited (ASX:ADX) is pleased to announce that the
Company has reached an agreement to farm out a 10% participating
interest in its Chorbane exploration permit onshore Tunisia
(“Chorbane”) to Gulfsands Petroleum plc (“Gulfsands”).
Under the terms of the farm out ADX will receive a cash payment of
US$100,000 and funding of up to US$600,000 for ADX’s share of a
planned US$2 million seismic programme to be carried out on the
Chorbane permit.
Following completion of the farm out which is subject to various
regulatory approvals that are expected to be received in the coming
months, Gulfsands will become Operator of the Chorbane joint venture.
At the conclusion of this farm out ADX will retain 30% in the Chorbane
permit.
This transaction is in line with ADX go forward strategy to focus its
activities and its resources onshore Romania, offshore Tunisia in the
Sicily Channel and central Europe.
For further details please contact:
Wolfgang Zimmer Ian Tchacos
Managing Director Chairman
+61 (08) 9226 2822 +61 (08) 9226 2822
www.adxenergy.com.au
"Prognosen sind schwierig, besonders wenn sie die Zukunft betreffen."
Greeny