ADX Energy Ltd. announced that a farm in agreement has been executed between ADX and Rohoelaufsuchungsgesellschaft (RAG) in relation to ADX's Parta license (Parta Permit) in Romania.
RAG will make an upfront payment to ADX and be entitled to earn 50 percent interest in the Parta Permit upon a payment in lieu of past costs and a payment of a promoted share of future costs prior to the commencement of seismic operations. The forward work commitment for the Parta Permit requires the acquisition of 2D and 3D seismic and the drilling of three exploration wells. ADX will retain a 50 percent interest and operatorship.
The farm in agreement is subject to approvals by the National Agency for Mineral Resources of Romania.
ADX has been able to leverage its material equity position and secure 3.1 million Euros of funding to undertake modern 3D and 2D seismic during 2012 with a view to drilling exploration wells as soon as practicably possible. This transaction positions ADX as the operator of a strong joint venture with a capable partner in the prospective Parta concession.
The remaining 8 prospecting permits are still being held by ADX at 100%.
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