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ADX ENERGY LTD — Capital/Financing Update 2011
Sep 11, 2011
64308_rns_2011-09-11_a07ddaed-9115-45c9-9d2c-ffc0aa0ed4aa.pdf
Capital/Financing Update
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12 September 2011
ADX : Sidi Dhaher-1 Well – Operations Update #3
Activities since spud at 06:00 pm GMT, Friday 26 August 2011
ADX is pleased to report that following the successful completion of running and cementing 13[3] /8” casing the well is being drilled in 12[1] /4” hole. Rig operations are drilling ahead at a depth of approximately 1,300 meters.
To date the well has intersected two potential reservoir zones, which will be evaluated by wireline logging prior to setting casing at the 9[5] /8” casing point.
Weekly operations forecast:
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Drill ahead to next casing point (9[5] /8” casing)
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Prepare hole for wireline logging operations - which amongst other things will determine hydrocarbon potential
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Commence 9[5] /8” casing operations and continue with drilling the final 8 ½ hole to end of well
The Sidi Dhaher prospect is located in the 2,428km[2] large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.
The Sidi Dhaher well is targeting an Eocene reservoir with estimated prospective resources of 175 billion cubic feet (5 billion m³) of recoverable gas and a Cretaceous reservoir with estimated prospective resources of 44 million barrels (5.9 million tons) of oil. Additional targets exist in the deeper Douleb and Bireno reservoirs that produce oil and gas in the Guebiba-El Hajeb field immediately east of the Chorbane permit.
Participant interests in the Sidi Dhaher -1 well will be as follows;
ADX Energy Ltd 40% Operator Gulfsands Petroleum Plc 40% * XState Resources Ltd 10% * (ASX code: XST) Verus Investments Limited 10% * (ASX code: VIL)
Note: The respective participant interests in the Sidi Dhaher well and the Chorbane Permit are based on the completion of all farmin obligations.
For further details please contact :
Wolfgang Zimmer Ian Tchacos Managing Director Chairman +61 (08) 9226 2822 +61 (08) 9226 2822
www.adxenergy.com.au