Tunisia: ADX Energy Limited Provides Lambouka-1 Well Operations Update


ADX Energy Limitedrig operations as at 0600 hrs Tunisian local time on the 26th of August were drilling ahead at a measured depth of 2,511m.

Since the last operations report earlier this week, the Abiod Formation limestones which are the primary target for the Lambouka well have been encountered. The Abiod intersection was associated with some losses of circulation fluids, an increase in background gas shows and an anomalously high resistivity on the Measurement While Drilling (MWD) electric logs.

The current evaluation data is preliminary only and does not without additional information provide a reliable basis on which to interpret either reservoir quality or content. Consequently whether moveable hydrocarbon saturations are present cannot be determined until a more comprehensive suite of evaluation logs are acquired. It is intended that these wire line electric logs will be run according to the approved well plan when the total depth for the well is reached.

ADX will continue to report drilling results from the Lambouka -1 well as they occur.

Participants in the Lambouka -1 well are as follows (note 1);

– ADX (note 2) 30% Operator

– Gulfsands Petroleum Plc (LON:GPX) (PINK:GFPOF): 30%

– Carnavale Resources Ltd (ASX:CAV): 20%

– XState Resources Ltd (ASX:XST): (note 3) 10%

– PharmAust Limited (ASX:PAA): 10%

Notes:

1. The respective interests in the Lambouka Prospect area in the Kerkouane Permit and the Pantelleria Licence are based on the completion of all farmin obligations.

2. ADX’ interest is held via wholly owned subsidiary Alpine Oil & Gas Pty Ltd and pending completion of the farmin obligation, Alpine will continue to hold 100% of the Pantelleria Licence.

3. XState Resources Limited interest is held via wholly owned subsidiary Bombora Energy Limited.

Lambouka Prospect Summary

The Lambouka prospect is located in the ADX operated Kerkouane permit offshore Tunisia. The Lambouka-1 drilling location is approximately 160km North East of Tunis in the Sicily channel. Lambouka is a large 70 square kilometre area tilted horst block which contains three potentially hydrocarbon bearing reservoirs. The goal is to drill a safe well to a total depth of 3,000 meters and to fully evaluate the three potential hydrocarbon formation objectives for the well. All three objectives are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet. The nearest offset well is the Dougga- 1 gas condensate discovery in the Kerkouane permit located approximately 22 km SSW of Lambouka-1.

Lambouka straddles two licences (the Kerkouane Permit in Tunisia and the Pantelleria License in Italy) as well as the border between Tunisia and Italy. The participants in the “Lambouka Prospect Area” which is a limited area defined over the Lambouka prospect within both the Kerkouane and Pantelleria are the same in the subset of both licenses.

Lambouka is one of the largest undrilled prospects in the Mediterranean. By bringing together the Kerkouane and Pantelleria licenses under one operator, ADX has been able for the first time to map the entire structure. This is the likely reason that Lambouka has remained undrilled until now.

The prospect was originally mapped on 2D seismic then recently reconfirmed and remapped on a new 3D seismic data set. The new state of the art 3D seismic was acquired in March 2010 and a “fast-track processing cube” was completed on the 2 May 2010. The 3D data set was used to select the final drilling location for the Lambouka-1 well.

While a commercial oil discovery will likely result in an independent oil development, it is likely that a gas condensate discovery would be developed in conjunction with Dougga. Dougga has been independently assessed to contain a mean resource of 177 Bcf of sales gas, 28.4 mmbbls of condensate and 9.4 mmbbls of LPG.

About  ADX Energy Limited

The company’s strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it’s existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment.

ADX was incorporated in 1987 in order to explore for gold and base metals in Western Australia. The company has recently diversified from its initial minerals focus to include oil and gas exploration. To that effect ADX farmed in PEL 182 into the South Australian portion of the Cooper Basin in 2005.

ADX appointed Wolfgang Zimmer, an oil and gas industry professional with over 27 years experience, as Managing Director in late 2007 to grow the company’s oil and gas business. Subsequent director and staff appointments and the establishment of a European office have boosted the depth of oil and gas experience in the company and allowed the company to expand its oil and gas activities.

Currently ADX operates permits onshore and offshore Tunisia, offshore Italy and onshore Australia and holds an interest in a non operated block in onshore Romania.

ADX is also a participant and operator of a number of AMI’s (Area/s of Mutual Interest) that enable it and its partners to efficiently act upon business opportunities.

Source: ADX Energy Limited, August 27, 2010:

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