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ADX Energy awarded exploration permit offshore Italy

WEST PERTH, Australia --ADX Energy reported that the Italian Ministry of Industry has awarded the offshore exploration permit d 363 C.R-.AX to ADX.

The awarded permit is on trend with ADX’s offshore Tunisian Kerkouane Permit and adjacent to its previously awarded d 364 C.R-AX license. ADX is the operator of the permit and holds a 100% interest via its fully owned Italian subsidiary.

The block is on the same structural trend as the proven onshore Cap Bon oil and gas fields in Tunisia, the large sized ADX 3D covered Dougga West and Elissa oil prospects in the Kerkouane block and contains on trend the Nilde oil field inside the Italian license now awarded to ADX.

In addition to its excellent prospectivity, the area would also allow relatively smaller discoveries to be commercially developed. This is due to a combination of  water  depths, predominantly less than 100 m, and the excellent fiscal regime in Italy.

05/21/2014

 

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