Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

ADX Energy in farm out of Tunisian permit to Gulfsands Petroleum  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 26/11/2012

No. of Ratings : 0
Add to Mixx!


ADX’s farm out of its Chorbane exploration permit, onshore Tunisia, to Gulfsands Petroleum provides the company with a material source of funding to carry out a planned seismic program next year.
(MENAFN - ProactiveInvestors - Australia) ADX Energy (ASX: ADX) has entered an agreement to farm out a 10% participating interest in its Chorbane exploration permit, onshore Tunisia, to Gulfsands Petroleum (AIM: GPX).

Under the terms of the farm out ADX will receive a cash payment of US100,000 and funding of up to US600,000 for ADX's share of a planned US2 million seismic program to be carried out on the Chorbane permit.

Following completion of the farm out, Gulfsands will become operator of the Chorbane joint venture and ADX will retain a 30% interest in the Chorbane permit.

The farm out is subject to various regulatory approvals that are expected to be received in the coming months.

This transaction is in line with ADX's strategy of focusing its activities and its resources onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.

Gulfsands Petroleum

Gulfsands Petroleum is an independent oil and gas exploration and production company.

The group's major focus is on the Middle East and North Africa where it has oil exploration, production and development projects in the Syrian Arab Republic, and oil exploration projects in Tunisia.

Gulfsands also produces oil and gas from a portfolio of properties in the U.S., offshore Gulf of Mexico.


Today's news of a farm out deal with Gulfsands Petroleum provides ADX with a carry through to a seismic acquisition campaign next year.

This is the first of two planned farm outs in relation to the Chorbane permit, with the transactions to provide the company with a material source of funding.

ADX's focus of exploration at Chorbane has shifted to the east, which is on trend with producing oil and gas fields.

The prospects being matured are significantly lower risk than Sidi Dhaher in relation to oil and gas charge and some of them also offer large prospective resource potential.

One prospect has emerged as the most likely candidate to be covered by further seismic and may potentially be the target for exploration drilling, which is expected by 2014.


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help