ADX takes back stake in Tunisian offshore license

Offshore staff

WEST PERTH, Australia – ADX Energy has agreed to buy back a further 10% interest in the Lambouka prospect area in the Kerkouane permit offshore Tunisia from PharmAust.

Early last year ADX farmed out 10% of the Lambouka prospect area to PharmAust in order to raise funds for the Lambouka-1 exploration well.

The well intersected a presumed gas column (based on logging while drilling and wireline logging), but testing was not possible due to instability of the borehole while drilling.

Lambouka is 70 km (43 mi) northeast of Cap Bon in the Sicily channel. ADX’s Dougga offshore gas condensate discovery is 22 km (13.7 mi) south-southwest of Lambouka.

Following the current transaction ADX will hold a 60% interest in the Lambouka Prospect Area, and 100% of the remaining Pantelleria license area, over which some of the Kerkouane partners have options, and the Kerkouane permit area.

09/12/2011



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