18 January 2011
TUNISIAN OPERATIONAL UPDATE
Sidi Dhaher Well Drilling Preparations
ADX Energy Limited (ASX:ADX) is pleased to report following an assessment of the
security situation in Tunisia that ADX is continuing its preparations for the drilling
of the Sidi Dhaher well in its onshore operated Chorbane block . The assessment
of security and safety of personnel at the Sidi Dhaher well site and its operations
office in Tunis has been in close consultation with the Company’s numerous
Tunisian contacts in country.
ADX is continuing with road works and site preparations at the Sidi Dhaher well
site. The ADX office in Tunis is fully functioning and all services such as
communications, public transport and airport services are available without any
disturbance. Additional precautions are being taken during all operations and
travel of ADX personnel in Tunisia.
ADX has also been liaising closely with ETAP (Enterprise Tunisienne d’Activities
Petrolieres) the Government agency responsible for the management of Oil and
Gas activities in Tunisia whose offices have reopened as of 17 January. ETAP is
supportive and encouraged by the continuation of well site preparations, which
are already at an advanced stage. It is important to note that Tunisia has an
established civil service which is highly educated and can function independently
of political influence.
ADX expects there will be some delay to the timing of spudding the Sidi Dhaher
well primarily due to third party contractors taking additional security precautions
and potential delays in customs handling of equipment. Assuming the recent
improvement of the overall security situation continues in Tunisia, ADX
anticipates that most contractor services will be fully available in February
allowing a potential spud date in late February.
Ongoing updates will be provided on the security situation in Tunisia and the
resulting impact on drilling preparations for the Sid Dhaher well.
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% * (ASX code: XST)
Verus Investments Limited 10% * (ASX code: VIL)
Note: The respective participant interests in the Sidi Dhaher well and the Chorbane
Permit are based on the completion of all farmin obligations.
For further details please contact:
Wolfgang Zimmer Ian Tchacos
Managing Director Chairman
+43 (0) 1641 0189 +61 (08) 9226 2822
www.adxenergy.com.au
Greeny