Shell (LON:RDSA) Seismic Extended over ADX Energy Limited (ASX:ADX) Kerkouane Discovery
Perth, Australia (ABN Newswire) - ADX Energy Ltd (ASX:ADX) is pleased to announce that the 2D seismic acquisition over the Kerkouane-1 discovery and surrounding prospective areas in the ADX operated Kerkouane license offshore Tunisia has successfully been completed by Shell Tunisia Offshore GmbH. The survey was acquired under a data exchange and acquisition agreement with Shell as part of larger program being undertaken by Shell. The data is currently being processed by Shell.
The data acquired is part of a long offset survey operated by Shell in their neighboring Azmour and Raf Raf blocks, offshore Tunisia. Under the agreement ADX and its partners will obtain a total of 104 km of 2D seismic in the area around the Kerkouane-1 gas discovery well.
Whilst the old seismic data clearly shows the presence of very large world class structures in the area, new technology is required to unravel the tectonic complexity and locate new exploration wells with sufficiently high confidence. Therefore the objective of this seismic data acquisition is to transform the Kerkouane-1 discovery and adjacent leads such as a large Pliocene lead into drillable appraisal and exploration projects.
The Kerkouane-1 well and its sidetrack drilled by Shell in 1981 had well control issues such as massive gas kicks and gas influx at relatively shallow reservoir levels. Solvent cut oil shows in side wall cores suggest the possibility of an oil rim potential. The well never reached the main target, i.e. the Cretaceous reservoir which is also the main gas condensate bearing reservoir in the Dougga appraisal project. Due to the large size of the Kerkouane -1 structure the resource potential can be expected to be in the order of the Dougga and Lambouka discoveries.
The following Joint Venture is participating in the Kerkouane permit:
- ADX Energy Ltd 60% Operator
- Gulfsands Petroleum Plc (LON:GPX) 30%
- XState Resources Ltd (SX:XST) 10%
For the complete ADX Energy announcement including figures, please refer to the following link:
http://media.abnnewswire.net/media/en/docs/ASX-ADX-553931.pdf
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
Contact:
Wolfgang Zimmer
Managing Director
Tel: +43-1641-0189
Ian Tchacos
Chairman
Tel: +61-8-9226-2822
Email: admin@adxenergy.com.au
http://www.adxenergy.com.au
