(MENAFN- ABN Newswire) Perth April 28 2016 AEST (ABN Newswire) - ADX Energy Limited (ASX:ADX)(OTCMKTS:ADXRF) announce the Activities Report for the Quarter Ended 31 March 2016.
HIGHLIGHTS
COPORATE
- The implementation of overhead cost cutting measurements continued with the completion of all necessary legal commercial and personnel processes to enable the closure of the Austrian office.
- Implemented asset refocus on low cost low risk profitable asset commercialisation with the announcement of contingent resources for the Nilde Area.
OPERATIONS
Offshore Italy:
- An independent third party assessment of the contingent oil resources in the Sicily Channel license d363C.R-.AX was completed by Senergy (GB) a member of the Lloyd's Register Group of Companies. The work based on seismic production and well test data resulted in 2C resources net to ADX of 34 million barrels of oil across the Nilde oil field and three tested discoveries.
- The finalisation of potential Nilde project economics based on costs generated from ongoing discussions with FPSO contractors and drilling contractors which indicate the project is profitable at oil prices down to US$ 20 per barrel for the 1C resources case and US$ 15 per barrel for the 2C resources case and
- Mapping of 5 exploration leads defined with existing 2D seismic in the d363C.R-.AX permit with total best estimate prospective resources of 90 million barrels of oil.
Onshore Romania - Parta license:
- Due to the increasing regulatory support and landowner willingness to sign permits a process has started to complete the 3D seismic permitting with a cost efficient experienced local team.
NEW VENTURES
- During the quarter activities focused on 2 oil field opportunities in Romania and potential exploration and appraisal assets in Italy.
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About ADX Energy Limited
ADX Energy Limited's (ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed oil and gas exploration and appraisal company. ADX operates four oil and gas permits in North Africa and Europe together with gold and base metal interests in Australia held via its stake in ASX listed Riedel Resources (RIE). The company is headquartered in Perth Western Australia with additional offices operating out of Baden (Austria) Tunis (Tunisia) and Bucharest (Romania).
ADX Energy’s vision is to achieve superior shareholder returns through better investment choices by applying state of the art technology and high quality management. ADX strives to achieve exponential growth based on a strategy of early entry to high impact exploration opportunities in proven oil and gas basins.
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