(MENAFN - ABN Newswire)
ADX Energy Limited (ASX:ADX) announces that its wholly-owned subsidiary Alpine Oil & Gas Pty Ltd. ("Alpine") has entered into a letter of intent ("LOI") with Rift Basin International Corp. ("Rift").Under the terms of the LOI it is proposed that Rift, through Rift Basin International, will farm-in for a 15% participating interest in the Chorbane exploration permit located in Tunisia (the "Proposed Transaction").
Rift has already made a good faith payment of US100,000 to ADX. The Proposed Transaction is subject to a number of conditions, including but not limited to, applicable regulatory approval (including approval of the TSX Venture Exchange), due diligence and the execution of a definitive farmin agreement (the "Definitive Agreement"). The parties have agreed that the LOI will terminate on December 15, 2012 unless earlier superseded by the Definitive Agreement.
ADX will provide full details of this transaction when a Definitive Agreement has been executed and there is a high degree of confidence that a transaction will be completed. Rift's good faith payment will be non refundable.