ADX buys back Lambouka exploration interest in Mediterranean

Offshore staff

WEST PERTH, Australia – ADX Energy Ltd. has agreed to buy back from Carnavale Resources Ltd. a 20% interest in the Lambouka prospect of the Kerkouane Permit offshore Tunisia.


ADX then will hold 50% interest in the Lambouka. ADX holds a 100% interest in the remaining Pantelleria license area and the Kerkouane Permit area. ADX operates all licenses and recently announced the award of 100% equity interest in the adjacent offshore exploration permit d 364 C.R-.AX in Italian waters.

Under the agreement, Carnavale will pay ADX $765,000 for past joint venture costs, and ADX will issue Carnavale more than 11 million shares. If drilling done in 2010 results in production, ADX will pay Carnavale two staged payments of $1 million each.

08/12/2011 


Lambouka is located approximately 70 km northeast of onshore Cap Bon in the Sicily channel. The Dougga gas condensate discovery is located approximately 22 km south-southwest of Lambouka.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...