PGS to Participate in Exploration of Sicily Channel Permits

AuDAX Resources signed a Memorandum of Understanding ("MOU") on behalf of the joint venture with PGS Overseas AS, Norway for participation in exploration of the offshore permit G.R15.PU (Pantelleria) within Italian waters and the contiguous offshore permit Kerkouane in Tunisian waters. AuDAX is the operator and holds a 70% interest and Kairiki holds a 30% interest.

PGS is an industry recognized, highly regarded, global seismic contractor with state-of-the-art seismic acquisition and processing capabilities. PGS would earn a 15% interest in the Permits by paying 30% of a significant future exploration work program. The MOU is
subject to a number of conditions precedent including the signing of a farm in agreement.

The execution of the farm-in agreement would be subject to PGS satisfactorily concluding due diligence, all necessary government approvals and formal documentation. The parties will use reasonable endeavors to execute the farm-in agreement within three months of the date of this MOU.

Previous exploration work within the Pantelleria and Kerkouane Permits has identified a number of prospects and leads, the most prospective being a drill-ready prospect extending west into the adjacent Kerkouane Permit across the Italian-Tunisian maritime border. This structure appears to be one of the largest undrilled structures in the Mediterranean Sea.

Whilst this structure is one of the standout exploration prospects in the Sicily Channel permits the Joint Venture plans to mature the remaining prospect inventory over the near future. The forward work commitment for the Kerkouane permit requires completing the tendering process for an offshore rig and receiving environmental approvals for offshore drilling.


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