(MENAFN - ProactiveInvestors - Australia) ADX Energy (ASX: ADX) is now free to start exploration work on its Parta permit in Romania after the Government ratified its concession agreement.
The company is required to acquire new 3D and 2D seismic as well as drill two exploration wells on the licence.
It had previously advised that seismic acquisition completion could be achieved by the first or second quarter of 2013 if the concession is ratified this year.
ADX has already completed the layout and technical parameters for both the 3D and 2D seismic and has signed a contract with Prospectiuni for seismic acquisition and processing.
Austrian private company Rohl-Aufsuchungs Aktiengesellschaft is earning a 50% interest in Parta by paying past costs and a promoted share of future costs.
The 1,221 square kilometre Parta concession contains 40 identified oil and gas leads that can be evaluated with low cost seismic and drilling programs.
While several oil and gas fields with total discovered proved and probable reserves of 12MMbble of oil and 50Bcf of gas have been made in the block since the late 1960s, it is still considered to be underexplored and lacks any modern 2D and 3D seismic data.