ADX ENERGY LTD - Audit Report / Information 2011

ASX 2 March DOUG Comp ADX Ene Dougga compete (“Tracs”) internat reviewb number potentia importan Highligh  Mea liqu  20% (P90 rece cert  Dev shel ADX cur Gulfsand The tot informat Probabi Relea 2011 GA GAS etent Pe rgy Ltd (AS interim re nt person’s . TRACS‐AG ional petrole y a highlyr of encourag lly viable re t next step ts of the D n recovera ids (conden increase o ) case com ntly acqu ainty of the elopment f technolog rently hold s holding 30 al gas inp ion is shown listic Total se CONDE rson’s R X:ADX) isp source resu report (CP R is a lea um industry eputable res ing findings source, and to confirmin ougga inde ble Contin sate and L f gas in pla pared to ired 3D s project. of Dougga y. s 60% equi % and Xstat lace (GIIP) in the table NSATE D eport Co leased toa lts update R) has now ding provid with world ource certif which indic that the pla g its comme pendent ev gent Reso PG) and 19 ce (GIIP) v previous w eismic ha can be un ty and ist e holding 10 based on below: GIIP(BCF) ISCOVER mplete nnounce th from 4th been com er of esse wide operat ication com ate that the nned Doug rcial potent aluation: urces are 4 1 bcf of sal olumes for ork based s significa dertaken w he operato %. 3D seismic P90 P50 384 585 Y d at followin November pleted byT ntial servic ions. This in pany has re Dougga ga ga appraisa ial. 1 million es gas. the high co on 2D sei ntly incre ith prove r of the pr and Doug P10 894 g the ASX 2010, the RACS‐AGR es to the dependent sulted in a s field is a l well is an barrels of nfidence smic. The ased the n, off the oject with ga‐1 well Mean 618	ASX 2 March DOUG Comp ADX Ene Dougga compete (“Tracs”) internat reviewb number potentia importan Highligh  Mea liqu  20% (P90 rece cert  Dev shel ADX cur Gulfsand The tot informat Probabi Relea 2011 GA GAS etent Pe rgy Ltd (AS interim re nt person’s . TRACS‐AG ional petrole y a highlyr of encourag lly viable re t next step ts of the D n recovera ids (conden increase o ) case com ntly acqu ainty of the elopment f technolog rently hold s holding 30 al gas inp ion is shown listic Total se CONDE rson’s R X:ADX) isp source resu report (CP R is a lea um industry eputable res ing findings source, and to confirmin ougga inde ble Contin sate and L f gas in pla pared to ired 3D s project. of Dougga y. s 60% equi % and Xstat lace (GIIP) in the table NSATE D eport Co leased toa lts update R) has now ding provid with world ource certif which indic that the pla g its comme pendent ev gent Reso PG) and 19 ce (GIIP) v previous w eismic ha can be un ty and ist e holding 10 based on below: GIIP(BCF) ISCOVER mplete nnounce th from 4th been com er of esse wide operat ication com ate that the nned Doug rcial potent aluation: urces are 4 1 bcf of sal olumes for ork based s significa dertaken w he operato %. 3D seismic P90 P50 384 585 Y d at followin November pleted byT ntial servic ions. This in pany has re Dougga ga ga appraisa ial. 1 million es gas. the high co on 2D sei ntly incre ith prove r of the pr and Doug P10 894 g the ASX 2010, the RACS‐AGR es to the dependent sulted in a s field is a l well is an barrels of nfidence smic. The ased the n, off the oject with ga‐1 well Mean 618	ASX 2 March DOUG Comp ADX Ene Dougga compete (“Tracs”) internat reviewb number potentia importan Highligh  Mea liqu  20% (P90 rece cert  Dev shel ADX cur Gulfsand The tot informat Probabi Relea 2011 GA GAS etent Pe rgy Ltd (AS interim re nt person’s . TRACS‐AG ional petrole y a highlyr of encourag lly viable re t next step ts of the D n recovera ids (conden increase o ) case com ntly acqu ainty of the elopment f technolog rently hold s holding 30 al gas inp ion is shown listic Total se CONDE rson’s R X:ADX) isp source resu report (CP R is a lea um industry eputable res ing findings source, and to confirmin ougga inde ble Contin sate and L f gas in pla pared to ired 3D s project. of Dougga y. s 60% equi % and Xstat lace (GIIP) in the table NSATE D eport Co leased toa lts update R) has now ding provid with world ource certif which indic that the pla g its comme pendent ev gent Reso PG) and 19 ce (GIIP) v previous w eismic ha can be un ty and ist e holding 10 based on below: GIIP(BCF) ISCOVER mplete nnounce th from 4th been com er of esse wide operat ication com ate that the nned Doug rcial potent aluation: urces are 4 1 bcf of sal olumes for ork based s significa dertaken w he operato %. 3D seismic P90 P50 384 585 Y d at followin November pleted byT ntial servic ions. This in pany has re Dougga ga ga appraisa ial. 1 million es gas. the high co on 2D sei ntly incre ith prove r of the pr and Doug P10 894 g the ASX 2010, the RACS‐AGR es to the dependent sulted in a s field is a l well is an barrels of nfidence smic. The ased the n, off the oject with ga‐1 well Mean 618	ASX 2 March DOUG Comp ADX Ene Dougga compete (“Tracs”) internat reviewb number potentia importan Highligh  Mea liqu  20% (P90 rece cert  Dev shel ADX cur Gulfsand The tot informat Probabi Relea 2011 GA GAS etent Pe rgy Ltd (AS interim re nt person’s . TRACS‐AG ional petrole y a highlyr of encourag lly viable re t next step ts of the D n recovera ids (conden increase o ) case com ntly acqu ainty of the elopment f technolog rently hold s holding 30 al gas inp ion is shown listic Total se CONDE rson’s R X:ADX) isp source resu report (CP R is a lea um industry eputable res ing findings source, and to confirmin ougga inde ble Contin sate and L f gas in pla pared to ired 3D s project. of Dougga y. s 60% equi % and Xstat lace (GIIP) in the table NSATE D eport Co leased toa lts update R) has now ding provid with world ource certif which indic that the pla g its comme pendent ev gent Reso PG) and 19 ce (GIIP) v previous w eismic ha can be un ty and ist e holding 10 based on below: GIIP(BCF) ISCOVER mplete nnounce th from 4th been com er of esse wide operat ication com ate that the nned Doug rcial potent aluation: urces are 4 1 bcf of sal olumes for ork based s significa dertaken w he operato %. 3D seismic P90 P50 384 585 Y d at followin November pleted byT ntial servic ions. This in pany has re Dougga ga ga appraisa ial. 1 million es gas. the high co on 2D sei ntly incre ith prove r of the pr and Doug P10 894 g the ASX 2010, the RACS‐AGR es to the dependent sulted in a s field is a l well is an barrels of nfidence smic. The ased the n, off the oject with ga‐1 well Mean 618	ASX 2 March DOUG Comp ADX Ene Dougga compete (“Tracs”) internat reviewb number potentia importan Highligh  Mea liqu  20% (P90 rece cert  Dev shel ADX cur Gulfsand The tot informat Probabi Relea 2011 GA GAS etent Pe rgy Ltd (AS interim re nt person’s . TRACS‐AG ional petrole y a highlyr of encourag lly viable re t next step ts of the D n recovera ids (conden increase o ) case com ntly acqu ainty of the elopment f technolog rently hold s holding 30 al gas inp ion is shown listic Total se CONDE rson’s R X:ADX) isp source resu report (CP R is a lea um industry eputable res ing findings source, and to confirmin ougga inde ble Contin sate and L f gas in pla pared to ired 3D s project. of Dougga y. s 60% equi % and Xstat lace (GIIP) in the table NSATE D eport Co leased toa lts update R) has now ding provid with world ource certif which indic that the pla g its comme pendent ev gent Reso PG) and 19 ce (GIIP) v previous w eismic ha can be un ty and ist e holding 10 based on below: GIIP(BCF) ISCOVER mplete nnounce th from 4th been com er of esse wide operat ication com ate that the nned Doug rcial potent aluation: urces are 4 1 bcf of sal olumes for ork based s significa dertaken w he operato %. 3D seismic P90 P50 384 585 Y d at followin November pleted byT ntial servic ions. This in pany has re Dougga ga ga appraisa ial. 1 million es gas. the high co on 2D sei ntly incre ith prove r of the pr and Doug P10 894 g the ASX 2010, the RACS‐AGR es to the dependent sulted in a s field is a l well is an barrels of nfidence smic. The ased the n, off the oject with ga‐1 well Mean 618







informat gp ion is shown in the table below:
GIIP(BCF)
	P90	P50	P10	Mean
bbi lii l
Proa stc Tota	384	585	894	618

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Whilst D ougga is a l arge size g a s resource, the project’s commerci a lity would be substantially en h anced by t he potenti a l high liqu i d yield of 90 bbls of conden s ate/mscf. ( T his estimate is based o n an inter p retive anal y sis of the samples taken by S h ell in 1981). Using thi s condensat e yield and gas quality analysis TRACS has concluded t hat the re c overable C o ntingent R e sources at Dougga are:

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These fi g ures are i n line with A DX in‐hous e estimates previously a nnounced. While T R ACS has as s igned in place gas reso u rces to the deeper Alla m reservoir section, they have a s signed no recoverable r esources fr o m the Alla m reflecting the unc e rtainty of deliverability. However, A DX recogni z es upside p o tential for product i on from th e Allam reso u rces.

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Due to the high liquid yield it would b e technically possible to export conden s ate offshor e ; however the current developm e nt concept foresees a sale of both gas a nd liquids into the lo c al Tunisia n market at attractive European market re l ated gas prices and international oil prices.

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Key results from the 3D seismic analysis

In addition to the in c rease of th e “high conf i dence” P90 Contingent Resources, the 3D seismic ha s also reve a led the potential for a thicker h i gh quality reservoir further updip from the Dougg a 1 well in t ersection. A location approxi m ately 300 meters up d ip from D o ugga 1 wil l provide a n excellent candida t e for a futu r e well.

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Key objectives of the next well on the Dougga structure are:

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test;
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con f irm the Dougga structu r al interpret a tion;
con f irm a hydro c arbon colu m n in exces s of 500 met r es;
de m onstrate co m mercial ga s and conde n sate flow r a tes via well test;
con f irm LPG an d condensat e yields; and

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ass e ss production enhanci n g reservoi r fracturing on the cr e st of the stru c ture.

The Joi n t Venture a ims to be ready to drill a Dougga appraisal well early in 2012.

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The foll o wing Joint V enture is p a rticipating i n the Kerko u ane permit:

ADX 60% Operator Gulfsan d s Petroleu m Plc 30% XState R esources Lt d * 10%

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XState h as an option with ADX to increase XSta t es interest in Dougga to 2 0 % under agreed f a rmin terms. If exercised A D X interest w o uld decreas e* to 50%

For further details please contact : Wolfgang Zimmer Ian Tchacos Managing Director Chairman +43 (0) 1641 0189 +61(08)9226 2822 www.adxenergy.com.au

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Location Map

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Location
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Location map of ADX operated Kerkouane and Pantelleria licenses. Red rectangle shows Dual Sensor 3D seismic outline (approximately 620 sq km full fold, full aperture, 770 sq km total).

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Dougga was discov e red in 1981 by Shell at a time whe n gas was of little value and in a water d e pth that w as near th e technical limit for oil and gas develop m ent. The discovery w ell interse c ted and t e sted gas i n the late Cretace o us Abiod a n d Allam formations. D r ill stem test results re v ealed that Dougga contains liquids rich gas but also c o ntains con s iderable le v els of CO2 (approximately 30% ) .

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Dougga is located i n 328 mete r s of water a pproximat e ly 45 kms E ast of Cap Bon in the prospect i ve Gulf of H ammamet. The discovery is well p o sitioned in terms o f access to d omestic an d export inf r astructure, p roximal to landfall for onshore gas proce s sing and d emand for gas at internationally attractive pricing. The liquid s rich nature of Doug g a gas enh a nces the c ommercial potenti a l of any gas developme n t.

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The pro s pects for a gas develo p ment at D o ugga have b een furthe r enhanced recently by the n e arby Lam b ouka gas d iscovery. T ogether D o ugga and Lambouka represe n t an app e aling appr a isal and p otential development opportunity with a potential mean R e coverable Contingent Resource exceedi n g 500 Bcf a n d 70 mmb b ls of conde n sate.

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Seismic Cross Section

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Seismic cross section from 3D volume through Dougga‐1 well with inset structure map and hydrocarbon log from Dougga 1 well showing 200+ metre hydrocarbon column. Note 300 metres of updip potential.

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P50 Production profile with a sales gas rate of 42 mmscf/d and a liquids (condensate & LPG) rate of approximately 22,000 barrels per day. The Image to the left is the Sevan Marine FPSO, a proven design which would also allow for offshore liquid storage and sale.

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AI assistant

ADX ENERGY LTD Audit Report / Information 2011

64308_rns_2011-03-01_c2ca9056-da0d-4a22-bc24-901a83d86bfb.pdf

Key results from the 3D seismic analysis

Location Map

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ADX ENERGY LTD — Audit Report / Information 2011

64308_rns_2011-03-01_c2ca9056-da0d-4a22-bc24-901a83d86bfb.pdf

Key results from the 3D seismic analysis

Location Map

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ADX ENERGY LTD Audit Report / Information 2011