Perth, Australia, Sep 8, 2010 - (ABN Newswire) - ADX Energy Limited (ASX:ADX) (PINK:ADXRF) is pleased to announce that the participants have agreed to the Operators proposal to suspend the Lambouka -1 discovery in a manner that is suitable for the future re-entry of the well.
The suspension of the well at this time with the ability for future re-entry will provide the opportunity to obtain additional hydrocarbon and reservoir information in a cost effective manner from an appropriately designed drill stem test of the Abiod Formation. Furthermore, given that the Lambouka structure has further up dip potential from the Lambouka-1 location it is possible to re-drill the bottom section of the well with an appropriate orientation to test the crest of the structure as well as prospective porous sandstones encountered in the lower part of the well that are interpreted to be in closure at an up dip location.
ADX will continue to interpret the data obtained from the Lambouka-1 well in conjunction with 3D seismic data and provide further assessments of the potential of Lambouka discovery.
Participants in the Lambouka-1 well are as follows (note 1);
ADX (note 2) 30% Operator
Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF): 30%
Carnavale Resources Ltd (ASX:CAV): 20%
XState Resources Ltd (ASX:XST): (note 3) 10%
PharmAust Limited (ASX:PAA): 10%
1. The respective interests in the Lambouka Prospect area in the Kerkouane Permit and the Pantelleria Licence are based on the completion of all farmin obligations.
2. ADX' interest is held via wholly owned subsidiary Alpine Oil & Gas Pty Ltd and pending completion of the farmin obligation, Alpine will continue to hold 100% of the Pantelleria Licence.
3. XState Resources Limited interest is held via wholly owned subsidiary Bombora Energy Limited.
About ADX Energy Limited:
The company's strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it's existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment.
ADX was incorporated in 1987 in order to explore for gold and base metals in Western Australia. The company has recently diversified from its initial minerals focus to include oil and gas exploration. To that effect ADX farmed in PEL 182 into the South Australian portion of the Cooper Basin in 2005.
ADX appointed Wolfgang Zimmer, an oil and gas industry professional with over 27 years experience, as Managing Director in late 2007 to grow the company's oil and gas business. Subsequent director and staff appointments and the establishment of a European office have boosted the depth of oil and gas experience in the company and allowed the company to expand its oil and gas activities.
Currently ADX operates permits onshore and offshore Tunisia, offshore Italy and onshore Australia and holds an interest in a non operated block in onshore Romania.
ADX is also a participant and operator of a number of AMI's (Area/s of Mutual Interest) that enable it and its partners to efficiently act upon business opportunities.
Contact:Wolfgang ZimmerManaging DirectorTel: +43-676-358-1214Ian TchacosChairmanTel: +61-8-9226-2822http://www.adxenergy.com.au
ADX Energy Limited
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